many employees opt to ASF for tax-free savings, but these medical savings accounts have some limitations. First, the funds from these accounts expire at the end of the year (some employers offer grace periods that gives employees more time to use the funds). Second, the funds can not be used on over-the-counter medications because of the reform of health care.
As you start planning ways to use the funds in your FSA consider the following:
- If you want to buy over-the-counter medications, you should get a a doctor's prescription. Some doctors may charge a fee for the required documents.
- Do not put off surgery until next year. Use the funds you currently have and try to get the surgery done before the end of the year.
- Visit the dentist for a check-up and cleaning. If one of your children need braces soon, it may be a good time to start planning visits.
- Get an eye exam, a new pair of glasses, prescription sunglasses, contact lenses and other eye care products you need. It may be too late to plan for eye surgery LASIK, but talk to your optometrist to see if it fits your budget FSA.
- Make sure the family is taken into vaccines and vaccines against flu.
After using the services, make copies of receipts that you send to get refunds and make sure to send receipts quickly.
It is also a good idea to consider how much you set aside for the FSA. If you are not using all funds, open enrollment is the perfect time to review your health insurance coverage and make changes.
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