Now's the Time to Max Out Flex Spending

by Center for Personal Finance editors

With the new year right around the corner, you have little time to use up contributions to your flexible spending account. Make those last minute appointments, and be sure to save receipts for aspirin and prescription sunglasses. Last year the IRS (Internal Revenue Service) added some over the counter products such as cold medicine and cough syrup--even some antacids--to its list of reimbursable items for health-care flexible spending accounts. The list also includes laser eye surgery, fertility treatments, inpatient drug rehabilitation, lead-based paint removal, and osteopathic care.

Flex-Plan Services Inc., Bellevue, Wash., provides a list of expenses that are--and are not--eligible.

December 22, 2004