It’s that time of year…the Flexible Spending Account is sitting there, waiting to be used! But you never got sick, or never got around to going to the doctor, or just didn’t feel that you needed to go… Unfortunately, that money is going to be lost forever, if you don’t use it soon. Some FSAs will allow you to use the funds until March of the following year, but not all of them allow for rollovers of the money. If you’re at a loss as to how to quickly use the money that you set aside for medical expenses this year, there are a few things that are allowable expenses that you could fit in before year end:
- If you haven’t had a complete physical in a while now is a great time to get one. Getting a baseline of your health is always a good idea and will let you know if there are other things that you should have checked out.
- Maybe you’ve been to the doctor or it’s been recent enough that you don’t need to go now. It might be a good idea to get some blood tests that will keep you updated on your health status like a VAP cholesterol test, a Hormone or Comprehensive Male or Female Profile, a PSA (Prostate Specific Antigen) test or even an Allergy or Food Intolerance Test. All of these are valid medical expenses but may seem expensive without insurance or a specific reason to get them. If you want to know the status of some basic health systems, like lipids, allergies, or hormones, now is a good time to make the investment.
- If you haven’t been feeling well, but not sick enough to get to the doctor, a Fatigue Panel or a Micronutrient Panel could shed light on what is causing your symptoms.
- Some over-the-counter medications and medical equipment can be purchased with FSA funds.
- Eyeglasses or lasik surgery are also reimbursable medical costs so if you’ve been thinking about one of these but it seemed too expensive, vision expenses can be a great use of your FSA dollars.
While FSAs are ideal for expected (and unexpected) medical costs that aren’t covered by insurance, it is often difficult to know at the beginning of the year how much you’ll actually spend. Now that the time if almost up to use your funds, don’t let it go to waste. There are quite a few places to spend your medical dollars and get a head start on a healthy 2016.
Written by www.labtestingnow.com