With the holiday season gearing up into full swing, most of us are more concerned about how big of a turkey (and then tree) to get than we are about our flexible spending account through work. Financial experts will tell you that is a big mistake – if you have a medical flexible spending account (FSA) through your employer and you don’t use that money by the end of the year then you’ll lose it.

That’s right – use it or lose it.

This is also the time of year for open enrollment for employee benefits, so if you haven’t been taking advantage of your ability to save through a FSA you should check with your work’s HR department to see if FSAs are part of the open enrollment opportunities. You should also check with HR to determine when open enrollment ends; while it varies among companies, many open enrollment periods are completed by the end of November.

What is a FSA? According to FSAFEDS (information on FSAs for federal employees), a flexible spending account (or FSA) is an account “where you contribute money from your salary BEFORE taxes are withheld then get reimbursed for your out-of-pocket health care and dependent care expenses.”

BEFORE TAXES is emphasized because that is the key to the savings with FSAs; the average person can save around 30% with their FSA (savings depend on your income and tax bracket).

How does a Flexible Spending Account work? The FSA allows employees to set aside money (taken out each month, before taxes) into an account and use it to pay for things such as over-the-counter medications, medical insurance co-pays, and even some health treatments your insurance doesn’t cover (which might include vision or dental).

Ways to use FSA money: If you prefer alternative health treatments, you can use your FSA money towards chiropractic work, acupuncture, or massage therapy. Medical supplies are another outlet for your FSA cash – everything from bandages to lift chairs are possibilities.

According to Donna LeValley-Cocovinis, attorney and contributing editor of an annual income tax guide: “Other often-overlooked FSA items you might want to pick up while you’re . . . [at the store] include OTC contraceptives and Rogaine. Medical equipment such as blood-pressure monitors, thermometers, and neck, wrist or other joint braces also qualify for FSA reimbursement, as do dietary supplements, including vitamins, minerals, and herbal and botanical items — as long as you use them to treat a current illness, not simply to augment your general health.”

Sometimes stores will note on your receipt which items are eligible for FSA money, but if you’re not clear which products you can purchase with your Flexible Spending Account cash just check with your benefits manager.

Another fact many people don’t know about using their FSA money? You don’t have to physically go into the store to make your purchases – you can shop online to use your FSA money! With that knowledge, the possibilities of how to use your FSA cash just multiplied even more. Some medical supply stores (with online stores) even offer further discounts specifically tied to you using your Flexible Spending Account cash; for instance, you can get an additional 5% off when you use the coupon code FSAHSA when shopping here.

If you haven’t been taking advantage of FSAs through your employer, don’t procrastinate going to your HR department while the open enrollment period is still available. If every year you tell yourself “Darn, I missed it. Well, maybe next year,” you’re throwing away some incredible savings and most financial experts will tell you you’re making a financial mistake.

If you already have a FSA but haven’t yet used all your FSA money for the year – don’t wait! Would you go to your personal checking account, withdraw all the money you have in there, and simply tear it all up in front of the bank teller? No! But that is essentially what you do when you don’t use your FSA cash by the end of the year – you lose it, and never get it back. Snuggle up in your pj’s this evening, and jump online to spend that FSA money. Don’t forget the FSAHSA coupon code for EXTRA savings at this medical supply store (they have low prices, a wide variety of quality products, and incredibly helpful customer service). Enjoy all the ways you can use your FSA money so you won’t lose it.