Using the Last of Your 2008 Flexible Spending Account $

by Marcy on December 13, 2008 · 0 comments

If you use a Flexible Spending Account (FSA) then you are probably aware that all of the money in your account needs to be used by 12/31 or you will lose it. (note: your purchases need to be made by 12/31, you can typically submit your forms by sometime in early 2009). This is the first year that we had an overage in our account, and I know that some of my family members did as well. Fortunately our remaining amount wasn’t too large, so I decided to stock up on contact solution, first aid items and various medicine that we will likely need in 2009. Fortunately most of the meds I purchased don’t expire until mid to late 2010.

For those who have a lot of money left in their account, I tried to come up with a few creative ways to use your remaining FSA dollars. This is one time that it might be ok to leave those coupons at home! :-)

If you are hoping to become pregnant in the near future you could buy:

* Ovulation Predictor Kits
* Pregnancy Tests
* Tums (or other antacids/heart burn relief)
* Pain Relievers (pregnancy safe ones such as Tylenol)

If you are having a baby in the near future you could buy:

* Pain Relievers (for mom)
* Witch Hazel Wipes (for mom)

If you (or someone you know) are having a baby soon you could buy:

* First aid kits (if you have a lot of money to spend, check out these)
* Thermometers (examples here)
* Vaporizers/Humidifiers (examples here)
* Infant Tylenol/Motrin

If none of these ideas appeal to you and you are already stocked up on FSA eligible items, you could always purchase items and donate them to a shelter or charity. And don’t beat yourself up too much for overestimating your expenses….use this as a learning experience for next year.

**As always, please refer to your specific plan for a list of eligible items and terms.**

What are your ideas for using up remaining money in a FSA account? Has this happened to you in the past, and if so, how did you use your remaining funds?

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