More Bang for Your Buck: Ways to spend FSA funds - NBC12 - WWBT - Richmond, VA News On Your Side

More Bang for Your Buck: Ways to spend FSA funds

Most FSAs have a "use it or lose it" policy. (Source: NBC12) Most FSAs have a "use it or lose it" policy. (Source: NBC12)
(WWBT) -

As the year winds down, so does your time to use those Flexible Spending Account dollars you socked away during the year.

For many plans, it's "use it or lose it," so here are some ideas so your money doesn't go to waste.

For the past few weeks at Henrico's Bremo Pharmacy "we have patients come in and say 'I have money to burn,'" said pharmacist in charge Jennifer Helmke.

There are hundreds of items that will qualify. This is a good time to stock up on things you use throughout the year -- everyday products like rubbing alcohol and hydrogen peroxide, Band Aids and neosporin.

"Unfortunately a lot of the over the counter medication is not covered by the FSA products, but a lot of other supplies are," she said.

First aids kits count, so do athletic braces and compression hose. Other products include canes, Depends undergarments and methods of birth control.

For all you contact wearers ... "Contact solution is one of those things that is expensive. So you could come in and get your year supply at the end of the year," said Helmke.

It's a good time to take care of that foot pain; all of those items qualify, too.

So do diabetic and breastfeeding supplies. You could also get humidifiers and hearing aid batteries.

Bremo Pharmacy also now offers genetic testing that show which medications will work well with your DNA. It's called Right RX.

The price tag is $400, but what it tells you can be priceless.

"A medication, you start it, you try it for six weeks, it doesn't work and then you try another one for six weeks, it doesn't work," she said. "The results from this test actually tell you which medications will be the ones to actually work on the first try so you're not wasting all the copays and et cetera.”

You drove to get to all those appointments. Mileage also qualifies as an expense. Remember, what qualifies under your Flexible Spending Account can vary depending on your plan so make sure to check your policy.

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