SOURCE: GoHealthInsurance

GoHealthInsurance

November 29, 2012 11:17 ET

GoHealth: Five Ways to Use Flexible Saving Account Funds Before It's Too Late

CHICAGO, IL--(Marketwire - Nov 29, 2012) - GoHealthInsurance, the leading online exchange for individuals and families to compare health insurance quotes has some advice for Americans who use a flexible spending account (FSA) to cover out-of-pocket medical expenses. In light of the fact that FSA funds do not roll over at the end of the year, there are certain steps that consumers can take to get the most out of them before it's too late. 

"Unlike Health Savings Accounts (HSAs), with an FSA you either use it or lose it," says Mark Colwell, Manager of Consumer Marketing at GoHealth. "Contributing to an FSA only makes sense if you're going to utilize it wisely."

Roughly 155 million people currently opt for these tax-free savings accounts through their employers. The list of qualified medical expenses that FSA money can be used for is quite extensive. GoHealth suggests that FSA holders with remaining funds near the end of the year consider the following options:

1. Stock up on medical supplies. Blood pressure monitors, pregnancy tests, and even band-aids are all eligible expenses.

2. Schedule an acupuncture or chiropractic visit. While certain health insurance plans may not cover these visits, they definitely are considered legitimate medical expenses that FSA funds can be used for.

3. Visit a health care provider for a routine physical. If you have been putting off that yearly checkup, there is no better time than now.

4. Get a flu shot or vaccination. These actions are considered preventive services, and therefore, eligible.

5. Buy a backup pair of prescription glasses or order contact lenses. Prescription sunglasses are also qualified.

For additional information about FSAs and other health insurance-related topics, visit GoHealthInsurance.com/blog.

About GoHealth
GoHealth and its customer-facing website GoHealthInsurance.com is a health insurance technology platform, working with over 100 health insurance carriers and more than 10,000 licensed agents across the United States. Since the company's founding in 2001, the GoHealth platform has helped nearly 30 million Americans shop and compare health insurance quotes.

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