1. Review expansive list of eligible expenses – A 2010 survey found nearly 80 percent of household decision makers had trouble identifying expenses they could purchase with a health care FSA. There may be a number of items you need to buy or that you already bought that are eligible for reimbursement.
Two easy-to-browse lists of heath care and dependent care eligible expenses are available at www.SaveSmartSpendHealthy.com.
2. Request prescriptions for purchased OTC medications – If you were directed by your doctor to use over-the-counter medications this year to treat an illness or for wellness purposes, you can be reimbursed through your FSA for these expenses if you request a prescription.
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Due to changes included in the health reform law, as of January 2011, over-the-counter medications can not be reimbursed through an FSA without a doctor's prescription.
3. Submit any outstanding receipts – If you haven't yet submitted receipts for health care expenses like prescriptions or doctor's appointments or dependent care expenses like day care or summer camp, make sure you find them and get reimbursed. Afterward, be sure to review how much (if any) is still left in your account. Take note: one FSA administrator is making it easier to submit receipts through a new app for smartphones and other mobile devices.
4. Purchase medical supplies – If you need medical supplies on a regular basis, it can be helpful to have a backup supply on hand. This includes contact lenses and solution, prescription glasses and even band aids. However, be careful to consider the expiration dates on some of these products when you purchase them.
5. Schedule routine medical appointments – Make sure everyone in your family has gotten routine check-ups with their physician, dentist and optometrist. If you see a specialty doctor, such as a chiropractor or acupuncturist, make sure you get needed care before the end of the year or grace period as well.
6. Get a flu shot and vaccinations – Be sure everyone in your household has gotten a flu shot and is up-to-date with vaccinations.
7. Invest in wellness – Promise yourself that you'll get back on track with your wellness goals this year, and you'll save yourself a lot of future medical expenses. Smoking cessation is eligible, as is weight-loss counseling, as long as receipts are accompanied by a letter of medical necessity.
8. Log your miles – Gas and transportation fees to and from eligible medical, dental and vision appointments are eligible for reimbursement, as are visits to the drug store or pharmacy to pick up your medications. The mileage rate for 2011 is 23.5 cents per mile.
(article provided by WageWorks, an independent provider of consumer-directed spending solutions and services)
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