Todays tip -
Take a look at your health care spending account
With 2011 at the halfway point, now’s a good time to check up on your "use it or lose it" health care spending account.
If you set up a Minneflex health care spending account during open enrollment, you can use those pre-tax funds to pay for eligible medical, dental and vision expenses you incur in 2011.
If an expense you planned on didn’t occur or was less costly than you anticipated, now’s a good time to think ahead to any health care expenses you anticipate for the remainder of the year so that you don’t end up forfeiting unused funds. Consider out-of-pocket health care expenses such as prescription drug co-pays, eye glasses, and dental expenses not covered by insurance.
Although most over-the-counter drugs and medications are not considered an eligible expense, there are some exceptions: insulin, medical supplies and equipment, and over-the-counter drugs prescribed by a doctor. (To be reimbursed for an over-the-counter drug, you must submit a prescription and receipt to OptumHealth financial for reimbursement.)
And, as you spend, don’t forget to save your receipts. The IRS requires that you provide documentation for expenses and you may be asked to send expense documentation to OptumHealth (the account administrator).
Check the flexible spending accounts web page to learn how to access your account information.
June 22, 2011
Published Jun. 22, 2011