Holiday Guide 2009: Flex that flexible spending account

It's the holidays, and you're skint. Tapped out. Broke. Eating ramen. You've drained the checking account, maxed out the credit card and sold your sofa on Craigslist. But before you make an appointment to hawk some platelets to fund your holiday gift list, consider this: What was that thing the smarmy rep told you about when he stopped by the office with news that your insurance premiums were going up again? Something about "Use it or Lose It?" Eureka! That's it! Your flexible spending account! That inconvenient and confusing tax-exempt slush fund that your employer deducts from your salary will reimburse you for all manner of health-related expenditures—from reading glasses to wart-removal cream! With any luck, you've had a healthy year and your FSA has been accruing one paycheck deduction at a time, just waiting for you to figure out how the hell it works.

Well, I'm no tax accountant, and I'm not sure the following ideas are 100 percent awesome in the eyes of the IRS, but I'm just saying before you go selling bodily fluids to underwrite your holiday shopping, why not see just how flexible that flexible spending account can be. Here are a few gift ideas that your friends and family will appreciate—and your FSA plan administrator will reimburse.

Hangover Relief Plan
While the die-hard partier on your list might really want a nice bottle of booze or a new metal album, those don't actually qualify as medical expenses, so you'll have to attack the problem from another direction. Why not start from the perspective of the morning after: Alka Seltzer, aspirin, ibuprofen, Pepto-Bismol and eye drops might be just what it takes to give them what they really want, i.e., the stamina to pull another all-nighter.

Traveler's Survival Supplies
For the jet-setter who's taking off after the holidays for an international adventure, load up on everything she could need for an odyssey of planes, trains and automobiles: cough drops, nose sprays, motion sickness treatments and ear plugs. Maybe even some nicotine gum for that long-haul flight.

First-Aid Kit
The Red Cross recommends every first-aid kit include various bandages, absorbent compresses, cloth tape, antibiotic ointment, antiseptic wipes, aspirin, a cold compress, hydrocortisone ointment, roller bandages, gauze pads, a thermometer, a space blanket, a breathing barrier, non-latex gloves, scissors, tweezers and a first-aid booklet.

All-Sports Assortment
For the athlete in your life, gather up a list of exerciser's essentials, including painkillers, arch and insole supports, athlete's foot treatment, a heat pack, an ice wrap and Band-Aids. Wrap the assortment festively with a roller bandage.

New Parents Care Package
Shopping for a new mom or dad couldn't be easier, because chances are they won't have the time or energy to buy anything for themselves, so anything you give will be appreciated. With that in mind, you could shower the baby with useful gifts, such as a thermometer, a cute humidifier in the shape of an animal, or some teething gel. Better still, you could just wrap up a box of condoms.