Review the list of eligible expenses.
ConnectYourCare’s list of eligible and non-eligible expenses for the healthcare flexible spending account and the dependent care flexible spending account.
Remember that your Flexible Spending Accounts are use it or lose it. Therefore, it is necessary to plan wisely each year to avoid losing unused funds. ConnectYourCare provides assistance with this so you can see how much to enroll for the plan year and to determine your tax savings. ConnectYourCare calculator tool
Save your receipts.
Always save your receipts for audit purposes. Utilize ConnectYourCare’s new electronic filing system to save all of your receipts. Also, do not wait until the last minute to submit any outstanding receipts for prescriptions, doctor’s appointments, day care, summer camp, etc. Submit and file your receipts as you obtain them so no reimbursements are missed.
Purchase medical supplies.
It does not hurt to have a few extra supplies on hand. You can purchase band-aids, first-aid supplies, contact solution, etc. with your healthcare flexible spending account dollars.
Copayments and coinsurance charges
You can use your healthcare FSA to pay for copayments or coinsurance for urgent care facilities or specialists such as chiropractors and acupuncturists and other outpatient hospitalization services such as covered medical supplies and durable medical equipment.