Carefully plan for next year’s out-of-pocket health, dependent care, parking and transit expenses.
Estimate your annual medical expenses prior to enrolling in a flexible spending plan. Take a look at this year’s health expenses, especially prescriptions, to estimate health expenses for the upcoming year. You can include unreimbursed expenses for spouse and dependents! Don’t forget day-care and qualified eldercare expenses also qualify for these tax-advantaged plans
Remember, you will not get your unused account funds back if you do not spend them in your plan year so… anticipate future expenses carefully.
Tip: Try to anticipate regular, predictable expenses like office and prescription co-pays and dependent care expenses. Ask your drug store Pharmacist to run a total of your prescription medicine purchases for the year.