Medical Spending Account
How to Make Your Medical Spending Account Work for You
It’s that time of year again. The time of year that requires an in-depth look at your medical spending account. The end of the year is approaching faster than many of us realize. If you have money in your medical spending account, you should try to use it up.
Check the Sofa Cushions
Sometime in the next two weeks, take a look at the remaining balance in your medical spending account and see if you have any outstanding medicals bills that you haven’t already submitted. If you have medical bills that need to be submitted, add up the total amount of those bills. Subtract that amount from your medical spending balance. Now, you need to take a look at how you can spend that money before December 31st. If you don’t use it, you will lose it.
December 31st is the annual medical spending account deadline. You usually don’t need to have all your receipts submitted by December 31st, you simply need to have the money spent by that date. If there are funds in your medical spending account after December 31st, you lose them. They don’t automatically roll over to the next year.
A Medical Spending Account Shopping Spree
When determining your medical spending expenses, it is helpful to take a look at your over-the-counter purchases. There are many over-the-counter products that qualify for reimbursement from your medical spending account.
Clearasil is one such example of an item that many consumers report is reimbursable through their medical spending account. If you have some extra money in your medical spending account and you don’t want to lose it, consider looking into which qualifying over-the-counter medications you use regularly and stock up on them before December 31st.
If you wear eyeglasses, you might also want to consider getting an eye exam and a new pair of glasses. You should technically have your prescription checked each year, so not only is this a good way to spend some of the dollars in your medical spending account, it’s also a great way of making sure you keep up on your vision health.
If, no matter how hard you try, you just can’t seem to spend all of the money in your medical spending account, you should consider putting fewer dollars in the account next year.