You can save money through the Flexible Spending Account (FSA) by using pre-tax dollars to buy things such as band aids and pain medication. While most people know the FSA can be used for dependent day care expenses (for children under the age of 13), not many know that this account can be also used for such things as medical co-pays, braces and reading glasses. Once you decide how much money to deposit in your FSA, you can use a special debit card to pay for expenses. Or instead of depositing money in advance, you can submit receipts for reimbursement.
There is a long list of eligible products and services on the JIBB. Click on AOC and then click on “Human Resources” and scroll down to “Flexible Spending.” You will find detailed information and necessary forms for the program. Remember, however, that there is an open enrollment period only once a year. Watch for the announcements from Human Resources.
So the next time you are at the counter paying for contact lens solution, allergy medicine and Advil, think of the money you could be saving by using a FSA.