Some businesses will see a boost in these final days of 2006 as people look to use their flex spending money by the end of the year. Flex money is taken out of your check and is not taxed, but you can’t carry the money over from year-to-year. Since the last day of December is on Sunday shoppers have to spend that cash quick.
Many shoppers get glasses to empty the flex account. “I figure use it or lose it I might as well buy glasses,” said shopper Josh Andregg. Andregg isn’t as fired up about buying a pair of glasses- he’s a contacts guy- but he certainly doesn’t want his tax deferred money to disappear. It’s an annual race against the calendar that often ends at the Optometrist office, according to optometrist Ellen Miller.
Doctor Miller says, “This is a busy time of year for everybody people get past Christmas and they go I have this flex money left to use.” Estimating how much to put in a flex spending account isn’t an exact science. But Marilyn Bomar says the convenience and savings of the program makes the risk worth it.
Bomar says, “It’s pretax and money that comes right out of my check so I don’t have to put it in savings.” There are a variety of medical services that qualify for reimbursement with flex money, from band aids to medical procedures