How to Get Reimbursed for a Flexible Spending Account

Flexible spending accounts are beautiful things. They allow you to set aside pretax dollars for medical expenses that come up throughout the year; not only do you get to save money on income taxes (in a legal and ethical way), but you can also spread your expense payments out equally through the year so you're not hit with high medical bills all at once. Flexible spending accounts are perfect for individuals and families who know in advance that they'll have a certain amount of medical expenses throughout the year, such as regular prescription medications.

Instructions

• 1

  Review the policies of your flexible spending account. As soon as you sign up for a flexible spending account, find out what it takes to get reimbursed so that when the time comes, you'll be ready to submit your request and quickly collect your funds.

• 2

  Keep all receipts in a secure, easy-to-reach location. By keeping all of your flexible spending account receipts in one place, you can easily gather them when it comes time to get reimbursed.

• 3

  Complete all necessary paperwork in its entirety. Making sure that the paperwork needed to get reimbursed from your flexible spending account is filled out completely and accurately will help to speed up your reimbursement. If fields are incomplete, the paperwork will need to be returned to your attention, after which you'll have to fill in the missing information and resend the forms. This process can be time-consuming and will delay your refund request.

• 4

  Look into the payment options. Depending on your insurance provider, reimbursements are often returned to you in the form of a check, but some companies also offer direct deposit into your checking or savings account. Choosing the direct deposit option can drastically reduce the time it takes to receive the reimbursement from your flexible spending account (not to mention your time spent depositing a check at the bank).