File that under: I did not know that

So, I've never had a Flexible Spending Account, even back when I worked at a company that offered one. 

For those of you who don't know what an FSA is, here's a good article, but it's basically a way to set aside some of your income, pre-tax, to spend on health-releated expenditures throughout the year. As the article points out, though, it's a use or lose it kind of thing, and apparently a lot of folks leave money on the table! (One of the reasons I was always nervous to do it when it was available to me.

I was pointed to that article by a rep for CVS, and I was only intrigued to look because she listed a whole bunch of stuff you can purchase in a regular drugstore that are FSA-reimbursable that truly surprised me. I think if I had known that the following list was comprised of all FSA-eligible items, I might have felt differently about the FSA opportunity:

 

Cold and flu medications
Hand sanitizer
Medicine-cabinet staples like allergy medication, pain relievers, antacids, and cotton balls
First aid: First aid kits and the products that often fill them, such as bandages and antibiotic ointment
Sunscreens: Sunscreens over SPF 30 are typically included in FSA spending, just make sure it doesn’t include a self-tanner or moisturizer, which may exclude the product. 

Who knew? Not me. I buy all of the above, don't you? 

Then again, there's paperwork involved. Sigh. Trade-offs.

Comments

[Denise]

I've had FSA accounts and whether I like them depends upon the specific way that the account works. Some give you a credit card that you are supposed to use to pay for FSA purchases - if it works, it's awesome. In my experience, it often didn't work.

It's also a pain when the card does work but two weeks later you're told to send in the receipt for that card purchase for verification. Dude, don't you already have a copy? PAIN IN THE A**.

And then there's the submitting the forms and receipts when the card doesn't work and you pay for the expense and have to get reimbursed. I haven't seen a reimbursement system that is painless.

Yea, it sounds like a fabulous idea - until it's December 1 and you're about to lose 5K because the account was such a pain to use all year long...

[A'Llyn]

I often wind up stocking up on those medicine cabinet staples towards the end of the year if I've overestimated my spending. In fact, I should really be thinking about doing that.

Now if only the people on my Christmas list wanted bandages and aspirin, I'd be all set.

[Sophia]

In my experience, it often didn't work.There's the submitting the forms and receipts when the card doesn't work and you pay for the expense and have to get reimbursed. I haven't seen a reimbursement system that is painless.In fact, I should really be thinking about doing that.