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Mar 15

Flexible spending deadline: Use it or lose it!

(MoneyWatch) Do you have a flexible spending account? Then hurry and check your balance because most plans give you until March 15th to use the money you set aside in the previous year (2011) or lose it forever. Naturally you have all of 2012 to use the money you've saved for this year's expenses.

The good news is there are so many products and services that you can buy with flex-account dollars that the only way you could lose money is if you were unaware of your options or careless with your cash.

These are the things you can buy with your flex dollars:

Dentistry: Everything from your regular teeth cleaning to getting fillings and crowns are covered. But the health account cannot be used to buy a toothbrush or toothpaste.

Orthodontia: Kids need braces? Sign up for the flexible spending account. Most dental insurance plans exclude the bulk of orthodontia costs, but you can pay the bills with a health account which lowers your after-tax cost by 30% to 40%.

Therapy: Holiday debt hang-over getting you down? The cost of a visit (or many visits) to your psychiatrist, psychologist or psychoanalyst is covered.

Babies: Uninsured costs for everything from birth control pills to vasectomies; pregnancy tests to fertility treatments are allowable expenses. (Health care savings accounts won't pay your cost of adoption, but there's a separate tax break for that.)

Vision: Eye glasses, contacts and Lasik surgery can be paid for with health care account dollars.

Braille: You can use your health account to buy books and magazines in Braille. The cost of a guide dog is also an allowable expense.

Alternative treatments: Your health insurance might not pay for a visit to an acupuncturist, chiropractor or Christian Science Practioner, but your flexible spending health account can.

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Flexible spending deadline: Use it or lose it!

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