Flexible Spending Account (FSA) BalancesEmployees with a health care or dependent care FSA need to be reminded to spend the remaining balances in their accounts before the end of their plan year. Listed here are some tips to avoid forfeiting funds at the end of the year or grace period:
- Request prescriptions for purchased OTC (over-the-counter) medications to treat an illness or for wellness purposes. Because of the changes in the health reform laws, as of January 2011 OTC medications cannot be reimbursed through an FSA without a doctors' prescription.
- Review list of eligible expenses. There might be a number of items that FSA account holders do not realize are eligible for reimbursement. The list can be browsed on the wageworks website.
- Purchase medical supplies. It can be helpful to have a backup supply on hand.
- Be sure to submit outstanding receipts.
- Get a flu shot and vaccinations.
- Log auto miles. Gas fees to and from eligible medical, dental and vision appointments are eligible for reimbursement, as are visits to the drug store or pharmacy.
