INDIANAPOLIS — The end of the year is a time to tie up some loose ends.
That includes making sure any "use it or lose it" Flexible Spending Account funds are spent.
An FSA is a pre-tax account, and there are a few different types.
Health Care FSA funds can go toward co-pays and medical bills. But if it is too late in the year to get an appointment, they can be also spent on over-the-counter supplies including sunscreen, pain relievers and vitamins.
Retailers, including Amazon, often show FSA eligible items using a separate online storefront.
Limited Expense Health Care FSA funds can go toward contacts, dental work and over-the-counter eye drops.
Dependent Care FSA money can go toward adult day care, child care, even summer day camp.
Ted Rossman, with Bankrate, said he thinks summer camp is an option that a lot of people miss.
"A lot of people could be saving like 20 or 30% in taxes by opting into these plans," Rossman said.
While FSAs are often "use it or lose it" by the end of the year, companies can offer extensions.
Options include a two-and-a-half-month grace period, or a rollover of up to $610.