Got a health-care spending account? Today may be your last chance to spend those dollars.

Consumer Reports News: December 31, 2012 09:38 AM

Still got some money stashed away in a health-care flexible spending account? If so, you might want to put a trip to the pharmacy on your day's to-do list, or at least check your plan's paperwork to see if you can take advantage of the IRS's optional grace period, to March 15, to spend those funds. Otherwise, after today you'll lose those savings for good.

If you don't need a new pair of glasses and don't know how else to spend that money, here are some qualifying over-the-counter items listed on the Aetna Website that can be purchased without a prescription:

  • Bandages
  • Eye-care products (contact lens solution, lubricant drops, patches)
  • Family-planning supplies (condoms, contraceptive creams, pregnancy tests, and ovulation kits)
  • Hearing aid batteries
  • Home diagnostic tests or kits, such as blood pressure monitors, blood glucose meters, and thermometers
  • Hot/cold packs when used for medical purposes (not for cooling food, for instance).
  • Incontinence products for adults
  • Joint-support bandages and hosiery
  • Vaporizers and humidifiers

Aetna notes that your employers' qualifying expenses may not be identical to its list, so if you're unsure whether a cost will be covered, check with your human resources department. Also refer to IRS Publication 502, Medical and Dental Expenses, for other qualifying expenses.

Check out our recommendations and Ratings if you're ready to buy a blood pressure monitor blood glucose meter, or thermometer.

Whether you spend your FSA funds tomorrow or by March 15, your employer's flexible-spending account administrator is likely to require that you submit your receipts by March 31.

Read more about flexible spending accounts.

Tobie Stanger

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