A while back, I mentioned how organizing can save money. Taking advantage of a Flex Spending Account to pay for your (and your family's) health care or dependent care with pre-tax dollars is one way to save money, but it only works if you can accurately guess how much you'll spend in any given year, and if you make sure you use every penny in your account before the deadline at the year's end.
If your flex spending account is set up like mine, at this point you still have a whole month to use up any existing funds in your account. The company who administers the flex spending account at my company recently sent out a reminder, along with a list of qualified flex spending expenses, which I found helpful and thought I would pass along to you. Remember: expenses must be for the NON-COSMETIC treatment of a specific medical condition in order to be eligile. Don't forget to turn in the receipt!
(Note: Although I believe that the IRS determines the rules governing eligible flex spending expenses, you should check with your account administrator to guard against any misunderstandings or costly mistakes.) Eligible expenses may include:
Over-the-counter purchases
- Aspirin, Tylenol, or Advil
- Antacid
- Bandages and related items
- Cold and flu medicine and prevention
- Condoms and spermicides
- Motion sickness treatments
- Cough syrup
- Pregnancy tests
- Cough drops
- Asthma medicine
- Canker and cold sore treatments
- Laxatives
- Acne treatments
Office visits
- Medical office visits
- Dental office visits
- Chiropractic office visits
Co-pays
- Medical co-payment
- Dental co-payment
- Prescription co-payment
Dental care
- Dental care for non-cosmetic purposes
- Teeth-grinding prevention devices
- Orthodontia (braces and retainers)
Vision care
- Contact lenses and cleaning solutions
- Eye examinations
- Eyeglasses
- Sunglasses (prescription only)
Therapy
- Psychoanalysis
- Psychologist fees
- Occupational therapy
- Physical therapy
- Speech therapy
- Alcoholism treatment
- Drug addiction treatment
Preventative care
- Flu shots
- Vaccinations
- Immunizations
Childbirth and Fertility Related
- Childbirth classes
- Fertility monitor
- OB/GYN fees
Monitoring equipment
- Diabetic monitor
- Blood-pressure monitor
Misc.
- Mileage to receive eligible health care services
- Medical records charges
- Smoking cessation (programs, counseling, gum)
- Acupuncture
- Hearing aids and batteries
