Time to Use or Lose Your Flexible Spending Account Funds

By: Donna Ray Berkelhammer. This was posted Friday, December 10th, 2010

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Bankrate.com has a great reminder about year-end deadlines for Flexible Spending Accounts.  Check your balances and your company’s policies, or you might leave some benefit dollars on the table. Also remember that next year, most over-the-counter medications (such as cough syrup, pain relievers, allergy medicines, and antacids) will require a prescription to be eligible for reimbursement from your FSA.  I’m stocking up now to use up my excess FSA funds.

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  • There are some significant changes to how flexible spending accounts (FSAs), health savings accounts (HSAs), and health reimbursement accounts (HRAs) operate in 2011. The most significant is as stated – you’ll need a prescription for most over-the-counter meds (but does not include insulin). However, it will not affect medical supplies such as crutches or bandages or medical devices such as diagnostic equipment. And slated for 2013 is a reduction in the maximum that you can contribute to one of these pretax accounts. Instead of the typical $5K, the new max cap will be $2500 so if braces or elective surgery are in your future, it’s best to prepare now vs. later.

    Posted by: Julie Smith | January 4th, 2011 at 9:22 am

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