Items covered by your flexible spending account you may not know about

Use it or lose it -- that's the mantra of flexible spending accounts (FSAs). It sounds scary, but these accounts, funded by your pre-tax wages, are great ways to save on child care or medical expenses. So whether you're trying to use all the money you set aside this year or are planning for 2011, you can stretch your income to cover lots of things that would otherwise nibble away at your wallet.

But change is coming to medical FSAs on Jan.1, so touch base with your human resources department or the person handling FSAs when deciding how much to set aside for 2011. One big change is medication -- over-the-counter drugs will no longer be reimbursable. You'll need a prescription for things like Tylenol or Claritin in order for the reimbursement request to be honored.