Ways To Spend Your Health Care Flexible Spending Account Balance
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The end of the year is coming up soon, and if you have a balance remaining in your Flexible Spending Account, you need to spend it by December 31st or you’ll loose the remaining balance. Here are a just a few ways to spend that money!
Get a Physical
Most health insurance plans pay for one yearly physical but it never hurts to get more than one especially if your other one was early in the year. Use your Flexible Spending Account balance to pay for that extra physical.
I don’t have a left over balance this year, but in prior years I used my balance to either get a new set of lenses or a new pair of glasses. My vision plan pays for one pair of glasses per year, but I’ve always found it beneficial to have a spare pair or two around. I also wear prescription sunglasses which aren’t covered by my vision plan. I’ve used my Flexible Spending Account balance to purchase these too. If you wear classes or contacts, use that remaining balance to purchase new one’s or some spares!
Stock Up On Over The Counter Medication
I’m surprised by the number of people who don’t know this, but your Flexible Spending Account can be used to pay for over the counter medicine. If you use particular over the counter medicines, use your balance to stock up on those medicines. Medicines that are handy to have around include: Advil, Tylenol, Pepcid, Mylanta, Cortaid, Neosporin, and Benadryl. I would encourage you to look for generic products as well so you get more for your money.
Make sure you check your plan to be sure what is covered. Drugstore.com offers a list of products that are FSA eligible. For example, vitamins aren’t covered unless prescribed by a doctor. Also, be careful to not stock up on so much that you won’t use it all before it expires.
The cold winter months are here and couples will be snuggling up next to their warm fires. You can use that Flexible Spending Account money to purchase birth control pills, condoms, and spermicides. If you aren’t wanting to get pregnant this winter, go ahead and stock up.
How do you spend that remaining balance? Add your spending strategies in the comments below!