A flexible spending account (FSA) is a beneficial tool for saving money on health care because it contains pre-tax dollars contributed each pay period to pay for qualified medical and dental expenses.
An important provision of an FSA is that most of the money contributed within a calendar year (and any applicable grace period) must be spent within the same year, or it will be lost. Toward the end of the year, it’s common for many people to rush to use up leftover funds in their FSAs while they still can. Many people stock up on over-the-counter (OTC) drugs; others may concentrate on using those funds for medical expenses they’ve been putting off. For example, you could schedule a teeth cleaning if you haven’t been to the dentist all year. If there is a screening or procedure you’ve been putting off, use FSA funds for that. The goal is to use that money to keep yourself healthy.
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