Tips for using flexible issue dollars before the end of the year

TRENTON, NJ - Do you still have money for the medical expenses that you have to spend by the end of the year?

There are many ways to meet the deadline for flexible spending accounts, and you do not have to buy expensive items. You can use the balance of daily purchases such as sales and already purchased items.

Flexible Expense Accounts (FSA) allow employees to withdraw money before each paycheck to pay for healthcare expenditures not covered by insurance or other plans. For the year 2019, the amount was up to $ 2700. Next year it will be 2750 USD. Since they are not taxable, these USD go beyond that.

"Most people found 10 things they regularly bought and were eligible for FSA," says Jina Etienne, a certified accountant in Silver Spring, Maryland, of her pharmacy and supermarket earnings. "It's boring, but I'll do a lot for free money."

The accounts are popular. Jeremy Miller, ten founders of FSAstore.com, assures that the 4500 products he sells qualify for the FSA. and think about which articles require a recipe.

Pharmacy chains and some major retailers are also promoting FSA-eligible products on their websites, including CVS Health, Walgreens, Costco, Walmart and Amazon. They also usually indicate which purchases are eligible for FSA customer vouchers, which makes it easier to keep records.

First, check your due date with the FSA Plan Administrator or the Benefits Office. Some plans have a usage or loss policy. But most companies give workers up to mid-March next year to spend the remainder, or let them accumulate up to $ 500, says Gary M. DuBoff of the MBAF accountancy firm in New York.

Then check what you have already spent, check the missing items in your medicine cabinet, and focus on the attention you have reported, such as: B. Laboratory tests or an eye exam and glass messages.

Some elements that have been frequently overlooked by experts are suitable for the FSA:

- Prices for doctor visits and emergencies, prescription drugs, other minor expenses and some health insurance premiums.

Bandages, Headphones, First Aid Kits, Antiseptic Sprays and Ointments, Thermal Pads, Compression Socks, Blood Glucose Test Kits, Tablet Organizers, Blood Pressure Monitors, Crutches, Wheelchairs and Wigs for People You've lost blood. a hair disease as well as replacement batteries and shipping costs.

Family planning articles such as oral contraceptives, pregnancy tests, prenatal vitamins, in vitro fertilization, vasectomies, and abortions.

Articles for babies and children such as breast pumps and accessories, breastfeeding classes, training pants, but no ordinary diapers, wristbands to detect allergies, and "smart" items such as breathing socks and cordless thermometer patches.

- Dental treatments, including X-rays, teeth cleaning, fillings, crowns, braces, extractions, dentures and dentifrices, as well as fluoride treatments to prevent tooth decay.

- Corrective eye surgery fees, glasses, readers, cleaning tissues and repair kits for glasses, contact lenses and solutions.

- Over-the-counter medications for colds, allergies, and pain are generally not FSA-safe, but if your doctor prescribes a prescription.

- Physical recovery products, such as Bandages for wrists, knees and elbows, and hot and cold packs, portable nerve stimulation devices for pain relief, and special elastic bands to support injured areas.

- Steam inhalers and CPAP devices for respiratory care.

- Travel by ambulance, accommodation near a hospital and visits to your doctor, car, taxi or public transport. Written documents or documents are required.

-Treatment of hospital addiction, service animal costs, care services and Braille books.

Before you buy everything you want to deduct, make sure you are FSA eligible. For authorized medical deductions, see your plan or Publication 502 of the Internal Revenue Service. Sometimes there are limits. For example, sunscreen and lip balm are only suitable for SPF 15 or higher.

DuBoff notes that many articles are ineligible, including cosmetic surgery, medicines purchased outside the US, veterinary drugs and medical marijuana.

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Follow Linda A. Johnson at https://twitter.com/LindaJ_onPharma

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