‘Use It Or Lose It': Using Your Health Care Flexible Spending Account Before 2018 Ends

It’s almost the new year, and that means the time to spend the money in your Flexible Spending Account, or FSA, is nearing its end. 

Typically, money in your FSA does not roll over into the new year so Dec. 31 is the last day to spend money left in the account. FSAs are usually offered as a benefit through your employer and give you the option of putting money directly from your paycheck, tax-free, into an account so they can be used to pay medical-related expenses throughout the year. The max contribution this year was $2,650 per person.

Here is what you can spend the money on:

-End of the year procedures such as blood testing, and other tests.

-Visits to the chiropractor or acupuncturist.

-Getting an eye exam or going to the dentist.

-Family planning costs like pregnancy test, fertility monitors and prenatal exams are also included.

-Other over the counter medications and health care products such as sunscreen, and some cold and allergy medications are also included.

If you are not sure what your FSA will cover you should contact your HR department or go here for more information.

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