Seven Tips for Spending Down Your FSA Fast!
March 15 is just six days away, and, for many, that’s the last day they’ll be able to spend down their 2010 flexible spending account (FSA) — pre-tax dollars set aside for medical or dependent care expenses. If you’re one of those who want to use it and not lose it, here are seven tips on how to blow your money in a short time:
1. Stockpile Supplies
Getting over-the-counter medicine may require a prescription these days, but if you’re visiting the doctor before March 15, ask your physician for several months’ supply of the OTC drugs that you and your family often use. However, be aware that some doctors may be reluctant to do so because of malpractice concerns, while others may charge a prescription fee as high as $10 for each Rx.
If your physician doesn’t want to help stock your medicine cabinets until the kids are grown, there are lots of other items that can take a big bite out of your FSA account, including prescription sunglasses, contact lenses for a year or more, First Aid kits for every place your kids are, breast pumps and durable medical equipment such as a wheelchair.
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