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HELP! How To Spend $1600 Flex Health Money in the Next three Days?

LisaH

LisaH

TUG Lifetime Member
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Location
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I changed job in May this year and completely forgot that I chose to contribute $200/month into my health flex spending account. I just realized there are $1600 sitting in my account and we are leaving for Tahoe to ski this weekend. Any recommendation for how to spend that much money in the next few days before it goes to waste? I'm going to buy contact lens for the entire family but I will still have some money left. Any other creative ideas for how to use the money fast?
 
I guess I am unsure as to what you are allowed to do with that money??? :confused:

Anyway, if anything goes, I would buy one of the King Kong Foot Massagers on Costco.com. I might also consider a reverse osmosis system from Costco as well.

You could get an inversion table, a weight set and bench, better yet a Bowflex.

You could also get a massage chair or a large whirlpool tub or put the cash toward a hot tub.

Eye surgery instead of contacts.
 
A few spare pairs of glasses? Charge them before the end of the year, even if they are not delivered by the end of the year.
 
Prescription sunglasses?
 
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What a nice problem to have. :) Yes, I would spoil yourself or the family because you deserve it. You worked hard and it is nice to see that your company appreciates you too.

PS. Is it really a company benefit or did you finance it yourself completely which you could have done anyway? Either way, it is good that you were never sick.
 
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Room humidifiers are great in wintertime for reducing colds/chance of a cold.

Buy a bunch of contact cleaning solution too.
 
Buy 2 or 3 pairs of eyeglasses

I can't believe how expensive they have gotten!
 
Money must be spent by Sunday

These plans have no flexibility. You must spend it by the end of the calendar year or you lose it. So, the options are not very plentiful, unless she knows someone who will charge now and deliver the services after the first of the year.
 
Thanks for the suggestions! I'd love to have some cosmetic surgery done, but I'm afraid it's going to cost more than $1600 and I don't have enough time to do that. Also whirlpool tub or even humidifier are nice but I'm not sure they are legit expenses. I think buying glasses (thank you!) and contact lenses probably will be the easy way to spend the money. We all have current prescriptions so it shouldn't take too much time. BTW, this is my money contributed with pretax dollar so It's supposed to be a way to reduce tax. My new compnay no longer sends paycheck statement to my house and the only way to find out what kind of deductions that have been taken out of my payheck is to go online to adp.com. I didn't check until today. My mistake of course.
 
I was trying to edit my earlier post because I wasn't aware that it had to be for medical expenses only. I see now that I started a new post and cannot delete it or can we?

Here is what I wanted to edit in the other post. :eek:

How about a down payment towards a new fancy bed for your back? :)
 
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LisaH said:
I changed job in May this year and completely forgot that I chose to contribute $200/month into my health flex spending account... Any recommendation for how to spend that much money in the next few days before it goes to waste?
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Check with your HR department, but I believe that you actually have an additional 30-60 days into the new year to spend the monies in the account.
 
huestous said:
Check with your HR department, but I believe that you actually have an additional 30-60 days into the new year to spend the monies in the account.
Click to expand...

That's the case only if your company offers that option. Mine did this year for the first and last time...they state it's an administrative nightmare and are reverting back to the calendar year use it or lose it.

I would also go with the glasses, sunglasses, contacts option...a good way to burn the money. Unfortunately, I never seem to have the problem...the money is always spent by August or so!

Ingrid
 
I didn't know that there was a max contribution to a Medical Savings Account until I looked into my kids braces this next year (yep 2 kids in the same year!!) Turns out there is a max of $5k a year into the account... with braces thats just over the down payment for 2 kids!! I'm still in shock on the prices of braces!!

I think glasses (lots of them) are your best bet.... maybe if your in with your dentist you can prepay for some dental care that you actually receive next year.
 
My personal favorite - and certainly a telling bit of information about my record keeping, is to look at what I have already paid for reimbursable qualified expenses (but have not submitted.) A few examples are vitamins and suppliments, massages, acupuncture, medical co-payments. I know that, for me, I could find $500 easy in unreimbursed receipts. Then I would go shopping for prescription sunglasses.

-Does a cheap winter beach week timeshare count for those aches and pains of arthritis??
 
Prescription sunglasses were what the HR lady at my old company always pushed. You might google this online--I think my benefits company had a web page with suggestions for these last-minute use-ups. Something there might be right for you.

The contact lenses are a good idea, maybe get some extra disposables for use when you're on vacation next year, too? Massage gift certificates, if any of you has an appropriate documented back problem or whatever?
 
LisaH said:
Thanks for the suggestions! I'd love to have some cosmetic surgery done, but I'm afraid it's going to cost more than $1600 and I don't have enough time to do that. Also whirlpool tub or even humidifier are nice but I'm not sure they are legit expenses. I think buying glasses (thank you!) and contact lenses probably will be the easy way to spend the money. We all have current prescriptions so it shouldn't take too much time. BTW, this is my money contributed with pretax dollar so It's supposed to be a way to reduce tax. My new compnay no longer sends paycheck statement to my house and the only way to find out what kind of deductions that have been taken out of my payheck is to go online to adp.com. I didn't check until today. My mistake of course.
Click to expand...
Check with your employer. You might have until the end of the first quarter of next year to spend, ie. 3/31/07.
 
Just got back from my local optical store. One year supply of contact lenses for me plus two pair of prescription glasses (regular for me, sunglasses for hubby) costs $1200. Tomorrow I'll take my older son in for another pair of sunglasses. Boy, $1600 doesn't really go that far!

deh333: your idea is a great one. However, I am not a very good record keeper. I'll definitely try to do better next year.

Thanks everyone for your help!
 
The laws changed this past year, allowing employers to allow employees an extra quarter into the "new year" to spend prior year's money. You may have more time than you think. Check with your employer or plan administrator.

Yvonne
 
Keep in mind that what you can spend it on is limited to the IRS rules.

Many of the items suggested would not be allowed. You are not allowed to spend it on vitamins, cosmetic or comfort items. ( I think botox etc, would not be allowed). Things for just general well being are not allowed either.

You can purchase over the counter medicines, contact solutions, Lasik, presctiptions, office co=pays etc.
 
I guess if you broke your legs skiing before Jan. 1 you could use it.
Our plan allows mileage to medical appointments.
 
Can you use it for deductibles and co-pays? If so, that might be a source of some out of pocket expenses that you already have spent dollars. I used mine for that and if I had any left at the end used it on glasses for the family.
 
Yes - you should be able to use it for deductibles and co-pays. We usually have to submit the "Explanation of Benefits" forms our insurance company provides for each doctor visit to document the co- pay amount. While you may need to spend by the end of the year, you do have additional time to file the paperwork, so you could tally up all our out of pocket costs from doctor appointments throughout the year.
 
My husband has another Flex spending account so all our deductables and copays plus all of our contact lens costs have been accounted for (as far as I know). When I started the new job, I was thinking about doing lasik at some point, but time flies and I kind of forgot about it and of course by now it's too late.
 
I had to use a chunk of mine up as well, and as others suggested I got a spare pair of eye glasses. I'd suggest if your FSA has a website, to go there and browse the qualified OTC purchases and look at anything you may need in the upcoming year, such as antacids, allergy medicines, antibiotic oitments, cold & flu medicine (tis the season), cough drops, throat lozenges, etc.
good luck
 
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