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FSA Money Left Over?

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Written by Julie Nichols on 25 January, 2012
FSA Money Left Over?

Did you have fewer medical expenses this year than you anticipated?  That's a good problem to have!  Here are some ideas to help you use the extra money in your Medical FSA:

  • Buy new prescription glasses and contact lenses for yourself and your eligible dependents. You can even get prescription sunglasses! Contact lens care supplies are also reimbursable.
  • Get some diagnostic equipment. Blood pressure monitors, thermometers and other medical diagnostic devices are reimbursable.
  • Make sure to have dental cleanings and eye exams done for yourself and eligible dependents before the end of your plan year.
  • Many over-the-counter medical care items are reimbursable, including bandages, athletic braces, vaporizers, heating pads and cold packs.
  • Purchase medical first aid kits for your home and car.
  • Get a head start on a New Year's resolution: Smoking cessation programs and prescribed drugs are reimbursable.
  • Check online with your insurance company for a listing of all copays, coinsurance and deductible amounts from the plan year which are your responsibility, and use your account detail information by logging on to see if there are any amounts you haven't already submitted for reimbursement
  • View a list of common medical expenses that are eligible for reimbursement through an FSA.
  • Visit our partners at FSAStore.com to shop for eligible expenses.

Please Note:

  • The IRS does not allow stockpiling to use up your FSA funds, so don't buy too many of any item.
  • Some potentially eligible items and services, such as vitamins and supplements or weight loss programs, are only reimbursable with a doctor's note recommending the item or service to treat a specific medical condition.
  • Over-the-counter drugs and medicines, such as pain relievers and cold medicines, are only reimbursable with a prescription from your doctor.
  • To be reimbursed, expenses must be incurred while you are an eligible participant during the plan year.

Have more questions about reimbursable expenses?

 

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