Suggestions required to use up FSA money

I allocated a lot of money this year for the Flexible spending account as we were planning to have a baby this year. Well, it did not work quite well as I thought. I am left with money in the account which I am going to lose if I do not use by end of this year.

Any suggestions on how I can use this money wisely or any loopholes to get the money from my FSA account ? Much appreciated in advance for your replies !!!!!

Contact lenses, dental work, stock up on prescriptions.

I recall FSAs allowed for fairly broad spending, like for things like acupuncture and massage. I've may have a similar problem as OP. Hey cybertechie - want to trade expensive massage sessions? (No, not that kind of massage sessions!)

over the counter medication is eligible this year. you may stock up (and maybe return) some costco sized tylenol?

Last year I bought a LOT of contact lense solution...

and I just dropped $50 on cough medicines for my family since we all got sick recently (yay).

Pick up discarded receipts outside a pharmacy.

Follow up on the ending date for your FSA. Mine can actually still be used through March 31, 2005 rather than the end of 2004.

Couple of threads in the archives:

How to spend $300 of Flexible Spending Account money

Anyone lose money in their flexible spending account?

ucsdgaspasser said: Pick up discarded receipts outside a pharmacy.
LOL.
Try rx drugs w/ high street value. Or buy lots of OTC sudafed & resell to meth labs.
joking, of course.
If you are no longer planning on baby, stock up on B/C!

At least on my FSA, I'm able to get reimbursed for the mileage to your Doc's office. Dunno if that works for mileage to the pharmacy or not. Check with your plan administrator if you can do this. May not be much (but then again, my wife has to travel 120miles round-trip to her allergist...that can add up!)

-Mike

I was reading more about eligible items. In additional to most OTC drugs that treat symptoms (aspirin, cold meds, etc), I also found that first aid supplies, sunscreen, and birth control qualify. Stock up on some condoms and/or birth control pills for a good new year . In other reading, I found that while most expenses for treatment count as the date when the care is received, for orthodontics a prepayment/deposit counts at the time it is paid. Regarding eyeglasses, I could not tell if non-prescription sunglasses would be eligible, although prescription ones would be.

xerty said: I also found that first aid supplies, sunscreen, and birth control qualify.

Don't forget pregnancy tests qualify if you don't want to use birth control.

Cybertechie: That sucks to possibly lose money on this. We're in the opposite situation. We had a baby this year that we weren't planning on when I had to do the paperwork last fall. Although I could amend my contributions when the baby was born, the plan administrator told me that only those charges that occur following the beginning of the next month will be reimbursable with the additional dollars allocated to the FSA. So charges related to the birth can't be covered. Sucks.

With regard to your original question, as others have said you may be able to collect up receipts from friends or parking lots for OTC drugs. If our birth-related doctor and hospital bills didn't have personally identifying information on them, I'd be happy to send them to you. That would have probably cleared out your account pretty quickly.

I don't know if you have already spent everything but here is something I wound up doing a few years ago. Granted I only had about $400 left compared to what you may have. I went to my eyeglass place and while I wasn't ready for new glasses yet, they charged me and now I have a credit with them. I have been using it little by little.

must have Dr's prescription for those.

StuffedMonkey said: Follow up on the ending date for your FSA. Mine can actually still be used through March 31, 2005 rather than the end of 2004.

Be careful of the language -- most end on a calendar year, and you have until the end of March the following year to CLAIM expenses IN 2004. But they must be incurred in 2004 to qualify -- you just have some leeway in getting the claim to FSA administrators in.

StuffedMonkey said: Follow up on the ending date for your FSA. Mine can actually still be used through March 31, 2005 rather than the end of 2004. I don't think so. You can't submit 2005 expenses against a 2004 FSA. More likely is that you have until March 31, 2005 to submit receipts from calendar year 2004

ellory said: StuffedMonkey said: Follow up on the ending date for your FSA. Mine can actually still be used through March 31, 2005 rather than the end of 2004. I don't think so. You can't submit 2005 expenses against a 2004 FSA. More likely is that you have until March 31, 2005 to submit receipts from calendar year 2004

I second that, (or is that third(ed)?), ours are worded almost the same way. You have up to March 31, 2005 to claim expenses for 2004 only.