We are in the last quarter of the calendar year. The children are back in school. Soon it will be Halloween and before you know it, Christmas with New Year’s not far behind. It’s time to review your current FSA (Flexible Spending Account) and
think about next year’s.
If you have a good amount of money left in this year’s FSA, now is the time to figure out what to do with it. If you don’t use it, you’re going to lose it. As it gets closer to year’s end, inventory what you have in your medicine cabinet. Remember, next year those with FSA’s can’t apply funds to OTC (Over-the-Counter) medications/products. In Dec. see what you need to stock up on. If you need to spend money from your FSA, do it!!! When shopping, look for expiration dates that are far into the future. It’s one way to get more bang for your buck. Also, don’t forget to use your coupons and combine them with sales.
To see what OTC products are accepted by your employer’s FSA plan, contact that company. They may even have a page on their website that you can print out an carry with you.
When figuring out how much to contribute to your 2011 FSA, look at your records for this year and see how much was for OTC products and how much was for dr. visits, dental visits, etc. That should help you make an informed decision.