A Flexible Spending Account is a great way to save money on your health care costs.

A flexible spending account (FSA) lets you use pre-tax money to pay your out-of-pocket medical and child care costs.

You have your employer take a specific amount out of your paycheck before taxes. You then pay your medical bills out of pocket and get reimbursed with money set aside in your Flexible Spending Account. Your money has a lot more muscle since you're saving 15%-36% (depending on your tax bracket) on every dollar you put in it.

There's only one catch to a flexible spending account--you must use all of the money in the account in that calendar year or you forfeit the money. That's right, use it or lose it!

None of us can throw money away so today's year-end smart money move is to be sure you use up all of the funds in your flexible spending account. You can make qualified flexible spending account purchases until December 31st.

Of course, you can still submit any medical co-pays and deductibles, but if you still have a balance in your flexible spending account, here are just a few ideas for qualified purchases you can make before the ball drops December 31st:

If you have any questions about whether an expense is eligible, double-check with your plan administrator. You can also review IRS Publication 502 Medical and Dental Expenses.

Keep reading for more ways to save money on your health care costs.

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