Empty out your flex plan

Time’s running out on the year 2008 – and on your flexible spending accounts.

Bankrate.com has a list of suggestions for ways to be sure you spend all the money you’ve set aside in a flexible medical account through your employer. Some plans have deadlines of Dec. 31 for expenses – though not all. I know mine has a grace period of several months, so it’s time to be thinking about it but not exactly crunch time yet.

In any case, you don’t want to leave unspent money in FSAs, or you lose it. Here’s an excerpt from the Bankrate.com piece .

One of the most common uses of FSA money is paying for dental work. Although time is tight, it’s worth a try to get into your dentist’s office now.

On the other end of the age spectrum, older patients who have dentures can take advantage of the account money to ensure that their dental health is good. Patients of all ages should squeeze in another appointment in the next few days, especially if it’s been a while since your last visit to the dentist.

For years, I used my flex plan funds at the last minute to buy new glasses . I was setting aside more than I needed in those years, and found myself buying expensive glasses and prescription sunglasses just to spend the money. I’ve since scaled back my contributions.

As the Bankrate.com piece notes, it’s always good to review how well your plan fits your actual expenses.

As you are trying to wipe out your FSA balance, it’s also a good time to think about refining your annual contribution. Although it’s probably too late to make changes for the 2009 benefit year (most company open enrollment seasons ended in November), you can make changes if there’s a substantial change in your life. This includes the birth or adoption of a child or a change in your spouse’s work status. If that happens, you can adjust your account contributions to better match your new medical needs.

Even if you can’t change your FSA contribution amount, track your 2009 medical costs closely. Knowing exactly what your medical expenses are and which ones aren’t covered by insurance will help you decide just how much to put into an FSA the following year.

How do you use up the last of the funds in your flex plans?