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Flex your money smarts and use up your FSA
McLEAN, Va. (12/5/07)--Don’t get so caught up in the holiday hustle and bustle that you forget to use the remaining dollars in your flexible spending account (FSA). Now’s the time to consider purchasing cold medicine, pain reliever, and extra contact lenses if you have money left in your account (USA Today Nov. 27). FSAs let employees set aside pretax dollars to pay for things not covered by insurance such as certain over-the-counter (OTC)/drug store items, co-payments, and eyeglasses. The catch: If you don’t spend the money by the end of the year--or, in some cases by mid-March--you forfeit the money and it goes back to your employer. Check the list at fsafeds.com/forms/OTC_QRG000.pdf to see what items qualify. Simple things such as ointment and bandages qualify, so give the list a good look or you may miss out. Generic brands of items also might be eligible. OTC items purchased to treat a general medical condition that are not preventative or cosmetic in nature are eligible expenses to claim. No toiletries are allowed. For other ideas of how to tie up 2007 using sound money management skills, get registered and join the Home & Family Finance Resource Center’s Financial Fitness Challenge.
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