Some people who use flexible savings accounts may lose money left in the accounts if they don’t spend it by year’s end. There are many ways to spend that balance but it’s important to understand FSA rules before launching a shopping spree. FSAs let you set aside money from your paycheck before taxes to cover medical expenses.
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But many plans offer a grace period in the new year to let people use their remaining funds or they allow participants to carry over some of the leftover balance. Eligible expenses can include travel costs to the doctor’s office, eyeglasses, bandages, sunscreen, condoms and tampons. Do you have any receipts from health care you could submit, like the copayment for a doctor’s office visit? That would qualify.
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