If you participate in a Health Savings Account, "Flex" plan or "Cafeteria" plan, you may be leaving money on the table come Dec. 31. That's because many of these plans which allow employees to set aside money from their salary to cover health care expenses require that funds be spent by Dec. 31.

According to Dr. Scott Williamson, an optometrist in Tyrone, "Many people forget about their Flex plan funds because the holiday season is so hectic." He recommends that we consider utilizing these pre-tax dollars on preventive care services that we may otherwise ignore. Everything from eye exams, dental visits, over due physicals to eyeglasses, or contact lenses may be eligible to be reimbursed or covered through a Flex plan. "Many of our patients are even able to utilize this benefit toward a pair of prescription sunglasses," he said.

With more and more companies offering these types of plans, the potential amount of monetary loss on Dec. 31 has grown exponentially in the last several years. To avoid losing out on the opportunity to utilize pre-tax dollars for medical expenses, many experts recommend that we plan for our yearly medical expenses by looking at the prior year's expenses and projecting a modest increase.

With rising deductibles and increasing age, our medical expenses that qualify under Flex plans will probably increase 3-10 percent per year. Now is the time to make any adjustments in payroll contributions for the coming year and to ensure that we utilize all of our 2005 benefits before we lose them.

According to Dr. Vicky Schuh of Peachtree Immediate Care, if we "utilize this benefit for all the preventive care procedures available, such as flu shots or Flumist, people will not only maximize their return on their Flex plan benefits, but may also avoid having to miss work due to illness."

As the cost of deductibles and insurance premiums continue to rise, we must all be sure to take advantage of the benefits we often overlook or forget. Be sure to not let your money disappear come Dec. 31.

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