Flexible Spending Accounts

— -- If you change jobs this year, don't forget your flexible spending account (FSA). Many employers offer them to help pay for medical expenses or dependent care. FSAs are a great deal.

If you put $1,000 of earnings into a medical account, the money is not taxed and you get to spend $1,000 tax-free for those expenses.

But you have to sign up before the year starts. You cannot sign up for an FSA during the year unless you change jobs.

"If you change from one employer to another, and your new employer offers a flexible spending account for medical expenses, then, even if you have not participated in such an FSA at your old employer, or perhaps your old employer didn't offer it, you're able to enter the FSA at your new employer," said Don Roberts of the IRS.

Roberts said there's been a big change in medical FSAs.

They not only reimburse for your deductibles, co-pays, and other medical expenses not covered by insurance. Now they can also reimburse for over-the-counter medications, including pain relievers, allergy medications, and even cough medicine.

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