Maximize Your Flexible Spending Account

Finance expert Mike Periu with a reminder to maximize the dollars in your flexible spending account before the year is over.
President, Proximo, LLC
December 10, 2012 Flexible spending accounts offer a way to set aside pre-tax dollars for spending related to your health care. For many FSA holders, December 31st is an important deadline because unused FSA money can't be rolled over into next year—if money in the account isn't spent before the end of the year, you'll lose it entirely. If you have money in your FSA, there are a number of items that qualify for FSA use even though it may not be obvious. Train tickets and gasoline used to attend a medical appointment are acceptable. Even the cost of vehicle wear and tear from driving to the pharmacy qualifies. Another spending strategy is to pay for long-term prescriptions upfront. If you doctor writes a three-month prescription for medication now, it will still count for 2012 spending.

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President, Proximo, LLC