If you've contributed money to a flexible spending account this year, now is the time to make sure you have enough receipts to get your money back.
A flexible spending account is a special account you put money into through your employer that you use to pay for certain out-of-pocket health care costs. The benefit is that you don't pay taxes on the money you set aside; but you do have to submit receipts for qualified expenses to get your money back.
Any money you've paid in through your employer must be used by the end of the year or you lose it. We discovered some easy ways to get all of the money back.
First, find your receipts for an co-pays you had to pay to your doctor or dentist. Also include any deductibles and prescription costs. Those are no-brainers. If you're still struggling to come up with enough expenses to get your money back, purchasing any of the following on your regular shopping trip will count:
- Bandages and band aids
- Sunscreen SPF 15 or higher
- Over-the-counter sunburn creams and ointments
- Contact lens saline solution and cleaner
- First aid kits for your home or car
- Breastfeeding supplies and pumps
- Pregnancy tests
Some items require a note from your doctor to be eligible like patches or gum you purchase to help you quit smoking and weight loss programs you paid for.
You have until Dec. 31 to use the money and submit your receipts, but you should start now. Doctor's offices get pretty busy the last couple months of the year. You may not be able to get an appointment before the deadline.
For all full list of all approved expenses for flexible spending accounts, click here.