A flexible spending account offered through your employer is a great fringe benefit that lets you pay medical and child-care expenses with pre-tax dollars. Make sure you take full advantage of it when deciding how much to contribute -- because the amount you can set aside for health-care expenses is now limited to $2,500, a rule change from the health-care law that took effect in 2013. Another big change now permits some employers to allow employees to carry over $500 from one year to the next, although not all plans have made this change (see Big Changes to Flexible Spending Accounts).
We put together this slide show as a reminder of the kind of big-ticket expenses you can pay with medical flex-plan dollars and to encourage you to make the most of this benefit. If you’re unsure whether your employer’s plan covers a specific item, be sure to ask your plan administrator.
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Weight-Loss Camp
The cost of a weight-loss program, if prescribed by your doctor to treat obesity, can qualify for reimbursement through a medical flex plan. You’ll need to submit evidence of medical necessity when you submit your bill for reimbursement. Summer camps for weight loss range from $600 to $1,000 a week.
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