Here’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:
- Aetna Eligible Health Care Expenses.
- Conexis FSA + HRA Eligible Expenses (FSA administrator).
- Online drugstores Drugstore.com, CVS, and Walgreens all have special FSA-eligible sections.
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)