5 ways to drain your FSA - electric toothbrush

Used or lost!
This can be done with the cost of acupuncture, prescription drugs and Contact Solutions. NEW YORK (CNN/Money)-
If you still have money in your flexible consumer account, it's time to start cracking.
According to the plan of most companies, employees must use their FSA dollars before the end of the year, otherwise they will be completely lost.
Such a plan allows you to deduct pre-tax money from your salary and receive health compensation --
Related fees. (Dependant-
Care FSAs is a separate account but works the same way).
For example, if you are within the 30% tax range, you will save about $300 in taxes by setting aside $1,000 in the FSA.
Suppose you remember to use the money before the calendar flip.
All flexible spending accounts operate on the basis of "use or loss.
In other words, if your eligible medical fee for this year is less than your contribution to your account, you will not get a refund.
Who took your money?
Bonnie White, spokesman for the employer's flexible pay consultant, said that employers usually use it to offset the administrative costs of implementing the plan (ECFC).
But before you rush to spend FSA's money on a laser surgery or massage, make sure you 've reimbursed all the eligible fees you 've incurred.
If you do not keep the receipt, you may ask co-to your doctor, dentist or pharmacist-
What you paid this year
Your insurance company should also have a record of deductible and other expenses that are not included.
Finally, don't forget the transportation fee to and from the doctor's office, 13 cents per mile.
Is Pocket money still burning a hole in your Pocket?
"You can basically claim anything as long as you are medically necessary," said Sonja Radelow, the program manager who manages employee benefits at the American Guardian Life Insurance Company.
She cited an informal ruling by the IRS in which even chili peppers used to treat a particular disease were legal costs.
"Air conditioning and Jacuzzi may also meet the conditions," she said . ".
Christopher Swanker, an actuarial researcher at the Guardian, said: "All forms of contraception, including condoms, may be included . " He also referred to an informal ruling by the IRS.
If you don't have cayenne pepper and condoms on your shopping list, there are a variety of other products and services to consider.
Check with your plan administrator to determine what is covered and what is not, because the rules are slightly different between different employers, but most people follow deductible medical care for Internal Revenue Services
Keep in mind that while most companies will submit 2002 claims to employees early next year, the costs themselves must occur before the end of the year.
A trip to optometrist is perhaps the most popular way to empty your flexible consumption account.
Most plans will allow you to reimburse for exams, new frames, new lenses, contact lenses and even prescription sunglasses.
At the very least, you can reserve contact lens cleaning solutions for next year, as these products are generally eligible for withdrawals from the FSA.
If you want to cure myopia, laser surgery is a way to quickly discharge the FSA.
Complete the procedure by December. 31. With co-
Paying for some prescription drugs is now more than $20, and it makes sense to put enough money into your flexible consumption account to pay for the drugs you take regularly.
Most insurance companies won't let you prescribe more than a month at a time.
Still, if you wait until after the new year and are still waiting for an allergic drug or birth control pill, do it now.
If you 've been eating Halloween candy, pumpkin pie and Christmas cookies for the past few months, you can wash your teeth for yourself.
This fee is included.
According to George Model, head of the Towers Perrin Boston office at HR Consulting, you may be able to pay the full amount for the upcoming dental correction service and apply for the amount for this year.
"If you buy an electric toothbrush from a dentist, you can also apply it to your FSA," he notes . ".
As of this year, the IRS considers basic weight
Reasonable medical expenses.
Most flexible spending plans, in turn, will allow you to reimburse weight costs
As long as your doctor has a prescription, the weight loss plan is like a weight observer and Jenny Craig. Diet-
Weight of plan brochure and prescription-
The loss of the drug may also be a qualified fee.
Not including gym members and very low
Fat food, or any food.
Smokers can sign up for smoking cessation programs and pay for them with FSA's money, but they can't claim
Nicotine gum or patch.
As long as you think it is necessary, you can pay for various alternative treatments from the FSA.
It includes acupuncture, chiropractic, Christian Science practitioners, and even massage.
"If you have a diagnosed medical condition, the massage is good, and this procedure is acceptable as long as you have the documentation provided by your doctor to support it," says Whyte . ".