If you’ve been placing cash right into a Flexible Spending Account, or FSA, bear in mind there’s a “use it or lose it” coverage that requires you to make use of the cash inside a sure period of time, and you should use it just for bills incurred throughout your employment, mentioned Sarah Michalczuk, founder and chief govt of Predictabill, a software to assist shoppers evaluate medical insurance choices. Find receipts for drugstore purchases similar to ache relievers, chilly medicines and tampons, glasses, contact lenses, skin-care merchandise and well being expertise, and get reimbursed out of your FSA.

There aren’t any stipulations on when you will need to spend the cash in your Health Savings Account, or HSA. There are guidelines, nevertheless, concerning while you put cash into it, Michalczuk mentioned. You can contribute to your HSA solely while you’re on a qualifying High-Deductible Health Plan (HDHP), she mentioned.

Your employer ought to be capable to present an inventory of qualifying bills in your FSA and HSA funds.