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You know that money you can put on a card to use for medical expenses?


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We have one. We put a certain amount of pre taxed money on it at the begining of every year and then spend it on copayments, prescriptions, bandaids, et c. It's use or lose money.

 

Well, it's the end of the year and we've ended up with $300 on the card and everyone healthy.

 

Can those funds be donated?

 

I would buy whatever it is you can buy OTC with it and donate that to a homeless shelter or some other organization. I would call someone and ask - there may be items they use a lot of that you can buy.

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You could always stock up on over-the-counter products (bandaids, tylenol, etc). Beginning Jan. 1st, you will not be able to use flexible spending money for certain OTC products without a doctor's note. Do you have any regular prescriptions that you take? If so, you could see if you could get a 90 day supply....that way you'd be paid in advance of next year. If anyone in your family wears glasses or contacts, you could get an extra set with your left over funds.

You could check into buying certain OTC products or a wheelchair and donating that to a worthy charity.

 

I wish we had money left in our flexible spending---we ran out over a month ago! LOL!

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Is it one that you have to send in receipts to get reimbursed, or can you just spend the money directly from the account? If you can spend it from the account, I think you can just spend it on anything but then pay the tax consequences on your income taxes - should be better than losing it all. Of course it's been a few years since we've had an fsa, so I could be remembering wrong.

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You have to incur the expenses in 2010, not into next year for two or three months. The extension is for filing the paperwork to be reimbursed, if your plan works that way rather than on a FAS "debit card" system. However, at one point we had the ability to use expenses incurred in the last quarter of the prior year as reimbursable in the current year--not sure if that applies now.

 

Re. OTC meds: the new Rx requirement to have OTC meds be reimbursable is only for meds. First aid and other reimbursables will continue to be reimbursable without a Rx.

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I would buy whatever it is you can buy OTC with it and donate that to a homeless shelter or some other organization. I would call someone and ask - there may be items they use a lot of that you can buy.

 

This! I just attended a meeting at work about this. For 2011, you can not buy OTC meds with the benny card unless a dr prescribes it specifically. So, I'd load up on all the OTC you can deal with and donate any extras.

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We only have the 12yo's braces on the card. That's a known expense that we will definitely spend. We got a notice from the FSA about the amount left on the card, but we spent it all yesterday when we paid Oct/Nov/Dec altogether. The ortho charges for the month on the 15th, but only expects to be paid when you actually come in for an appointment. So you sometimes you pay two months and others you only pay one. Her last appointment had been on October 14th. I called to make sure they would go ahead and charge us for December so we could get that last dollar amount off of the card.

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