Flexible spending accounts provided by companies can be a great way to save money for typical health-related expenses. Unfortunately, some people forget about their flex accounts and have to use the money before the fiscal year ends.
Routine Office Visits
The flexible spending account is primarily designed to help workers save money that will have to be spent throughout the year. For example, medical copays and maximum deductibles must be paid in addition to what insurance will pay. For this reason, workers can estimate how much they will need and have that money taken from their paycheck before taxes. Once they have spent this money, they can be reimbursed for it through the account.
Flex spending accounts can also be used on medication. This includes any prescriptions deemed necessary by your doctor, including pills, liquids, or creams that can be dispensed over-the-counter. The cost of medication can be high even with insurance coverage. Therefore, setting aside some funds for medications in your health flex plan needed continually or for medications prescribed for short-term issues will be helpful. You can submit the receipts from these expenses and receive reimbursement.
Any kind of medical equipment deemed necessary by a physician can be reimbursed. Crutches, blood sugar monitors, and bandages are just some of the types of equipment that can be covered. You can even spend the money on simple items like bandages.
If you have a surplus of money toward the end of the fiscal year, be sure to go back through your receipts to make sure you’ve been reimbursed for expenses that you’ve already incurred. If you find that you still have additional funds, then you might want to either stock up on some commonly used medical supplies, get a new pair of prescription lenses, or ask your doctor for a prescription for some quality foot or facial treatment products.