We wish to thank all of those who have made GGAA a successful and thriving company and look forward to many more years of success.

An FSA allows employees to set aside pretax dollars to pay for out-of-pocket medical expenses.  But, if you do not incur enough expenses by the end of the year, the leftover balance is forfeited to your employer.  Some employers extend that date to March 15 of the following year. In 2013, FSAs under U.S. health reform will for the first time be capped at $2,500; previously, employers set their own limits.

The U.S. Treasury Department last summer also asked for comment on allowing FSAs to carry over from one year to the next. “We’re very hopeful that the use-it-or-lose-it requirement will go away,” said Natasha Rankin, executive director of the industry group Employers Council on Flexible Compensation (ECFC). Only about 28 percent of employees use FSAs, and Rankin believes they would be more popular if workers could carry them over.

For workers with traditional FSAs, December is usually the time to drain the account. Here are ten suggestions of qualifying expenses you may not have considered:

– Review what you have spent. Sometimes, a look at your records will reveal medical expenses you have incurred over the year but have not yet withdrawn from your FSA. Check with your insurer for a list of office visits that may reveal unreimbursed co-pays and deductible expenses.  Also, your local pharmacy can give you a complete list of prescriptions filled throughout the year.

– Head to the drugstore. Although over-the-counter medications are only eligible with a prescription, ECFC counts more than 32,000 over-the-counter items that do not require prescriptions and can be paid for with FSA money, including first-aid basics such as Band-Aids. A complete list is regularly updated by the information clearinghouse Special Interest Group for IIAS Standards and can be found on its website.

– Pay for parking. If you drive to medical appointments, out-of-pocket expenses, such as parking or tolls are eligible. You can also claim 19 cents per mile driven as well as costs for meals or lodging during a hospital stay. Also, don’t forget receipts for ambulance service, bus, taxi and airline fares related to medical visits as well.

– Kick a bad habit. Smoking cessation, alcohol or drug treatment, or medically needed weight loss programs are eligible expenses.

– Make appointments. Have you been putting off a dental cleaning? An eye exam?  Even if your insurance covers preventive care, your FSA can pay for necessary follow-up. Plus, stock up on glasses, contact lenses, even contact solution – all qualifying expenses.

– Schedule and pay for “discretionary” surgeries. If you have a large balance, arrange to have any surgeries done that you have been putting off.

– Get adjusted. Although rarely covered by insurance, trips to the chiropractor, acupuncturist, even osteopath can be paid for with FSA money.

– Get pregnant, or not. For parents-to-be, FSA funds will pay for fertility treatments, pregnancy test kits, even Viagra. Prep for baby by using your FSA to buy a breast pump. Adoptive parents can also have any medical expenses associated with the adoption reimbursed. On the other hand, sterilization treatments such as a vasectomy as well as birth control also qualify.

– Think ahead. Considering LASIK surgery next year? Kids need braces?  See if you can incur the expense in the last weeks of December instead and use your unspent funds.

– Don’t stress. An average of $120 is left in FSAs with most people forfeiting less than $100. So, even with a small balance, you’re probably still ahead tax-wise.

If you are still feeling anxious about that, ask your doctor to prescribe a massage. Then you can use the rest of your FSA to pay for it.

Information provided courtesy of the Employers Council on Flexible Compensation (ECFC), of which Glynn Griffing & Associates, Administrators is a proud member.

Happy 2013 from all of us at GGAA!

“The Best Ways to Max Out Your FSA Before the Year’s End”

 As we near the end of the year, it’s wise to spend all of your FSA dollars — lest they disappear forever. From medical procedures to prescription drugs, these funds can be used to cover a variety of expenses, so find out what’s covered and don’t leave money sitting in your account.

Use it or lose it

With the ongoing changes in health care legislation, Flexible Spending Accounts now have a maximum contribution limit of $2,500 per calendar year.

While some legislators would eventually like to see consumers be allowed to rollover their funds to the next year, the “use it or lose it” rule still mandates that funds be used by year-end. So, whether you’ve got the max or just a few hundred bucks, there’s no point in letting your funds go to waste.

Natasha Rankin, Executive Director of the Employers Council on Flexible Compensation, says the first step is to educate yourself on which expenses are eligible for FSA use.

There are over 30,000 products and services that are can be used under the IRS tax code. Most of them are identified in Publication 502, Medical and Dental Expenses and include everything from birth control and breast pumps to eye surgery and fertility enhancement.

Rankin says the first thing you should do is go back over all your receipts for the year and start looking for qualified expenses. ”Look at your receipts from groceries and pharmacies. You might find a lot of things in there that you can get reimbursed for,” says Rankin.

Next, Rankin recommends making a list of any possible health issues or doctor visits that you need to schedule. This could include an annual trip to the dermatologist, a visit to a chiropractor to check on that aching knee, or a blood test to check your cholesterol and LDL levels.

If they’re things you may ordinarily do anyway, consider working in appointments before the end of the year so you can use your existing FSA funds. If you’re a diabetic or have ongoing medical needs, Rankin says you can also “stock up” on supplies, equipment or medication.

Melody Juge, Managing Director for Life Income Management, says if you’ve got a lot of money in your account, you could also use it for procedures or improvements you may have been considering.

A new set of dentures, laser eye surgery or anything you’ve been putting on the backburner could be a way to use the funds. Since FSA dollars can also be used for dependents, braces for your children could also be an option.

“Sometimes people try to put these things off because they’re careful with their money but if you’re going to lose it, now might be the time to do it,” says Juge.

Here are just a few of the options:

Visit the dentist

You can use your FSA funds to cover any co-pays you pay towards a dental visit. This includes cleanings, x-rays and fillings. FSA funds can also be used to get braces for your children, if needed. Dental braces can run up to $5,000, but you can use whatever is in your FSA and then fund the rest out-of-pocket.

Vision

If your glasses are getting worn down, you can use your FSA to buy a new pair of glasses or prescription sunglasses. Funds can also be used on non-prescription supplies, such as contact lens solution, cleaning devices, or on surgery to treat a defective vision, such as laser eye surgery or radial keratotomy.

Self-improvement

If you get a doctor’s prescription, FSA funds can also be used to cover activities, programs, equipment or medications related to self-improvement.

If a doctor has ordered you to lose weight due to a specific disease diagnosis (such as hypertension, obesity or heart disease), you can include those related expenses, too.

While you cannot include membership dues for a gym or health club, you can include fees that are specific to weight loss activities. You may be able to use funds for the cost of special foods that exceed the costs of a normal diet.

You can also include medical expenses you pay for a program to stop smoking, but it does not include non-prescription aids like nicotine gum or patches.

Miscellaneous medical expenses

Juge says there’s a large grey area on what is eligible but they generally include anything that is supported by a written doctor’s prescription. Capital expenses, such as constructing entrance ramps for your home or widening doorways, may even be covered.

Other eligible expenses include: lead-based paint removal, admission and transportation to medical conferences, hearing-impaired telephone equipment, travel expenses, a wig to cover hair loss, and expenses related to alcohol addiction treatment.

Information provided courtesy of the Employers Council on Flexible Compensation (ECFC), of which Glynn Griffing & Associates, Administrators is a proud member.

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