Flexible Spending Account Reminder: Use It Or Lose It!

rxbottleHere’s the annual reminder to use up your Healthcare Flexible Spending Accounts! I still dislike these things, but it is what it is. Note:

  • Some plans allow a grace period until March 15th of the following year as opposed to a December 31st deadline to use your 2014 funds, but it may only apply to claims and not late purchases. Check with your employer.
  • Alternatively, employers can allow participants to carry over up to $500 in unused FSA funds into next year. Check with your employer.

If you didn’t exhaust your funds with insurance copays or deductibles, check out these well-organized lists:

Effective January 1, 2011 items such as cough medicines, pain relievers, acid controllers, and diaper rash ointment now require a prescription and a manually-submitted claim for reimbursement. These FSA items are still available over-the-counter without a prescription:

  • Eye care (contact lenses, solution, drops)
  • First aid supplies (bandages, gauze, tape) for emergency kits
  • Wheelchairs, walkers, & canes
  • Family planning products (birth control, pregnancy tests)
  • Home testing aids (blood pressure, diabetes, thermometers)

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