NEW YORK (CNN/Money) - If you still have money in your flexible spending account, it's time to get cracking. Under most companies' plans, employees have until the end of the year to use their FSA dollars or lose them entirely.

Such plans allow you to deduct pretax money from your paycheck and get reimbursed for health-related expenses. (Dependant-care FSAs are separate accounts, but work the same way). If you're in the 30 percent tax bracket, for example, you'll save about $300 in taxes by setting aside $1,000 in an FSA.

That's assuming you remember to use the money before the calendar flips.

All flexible spending accounts operate on a "use it or lose it" basis. In other words, if your eligible medical expenses for the year are less than what you've contributed to your account, you don't get a refund. Who gets your money? Employers typically use it to offset the administrative costs of running the plan, according to Bonnie Whyte, spokesperson for the Employers Counsel on Flexible Compensation (ECFC).

But before you scramble to spend your FSA money on laser surgery or a massage, make sure you have claimed all the eligible expenses you've already incurred. If you haven't been saving receipts, you might ask your physician, dentist or pharmacist for a tally of the co-payments you've paid this year. Your insurance company also should have a record of deductibles and other costs it did not cover. Finally, don't forget the cost of transportation to and from your doctor's office – that will get you 13 cents a mile.

Still have FSA money burning a hole in your pocket?

"You can basically claim anything, as long as it's medically necessary," said Sonja Radelow, a project manager for a unit of Guardian Life Insurance of America that manages employee benefits.

She cites an informal ruling by the Internal Revenue Service in which even cayenne pepper – if used to treat a specific medical condition – is a legitimate expense. "Air conditioners and Jacuzzis might also be eligible," she said.

"All forms of contraception, including condoms, may be covered," said Christopher Swanker, an actuarial fellow at Guardian, also referring to an informal ruling by the IRS.

If cayenne pepper and condoms aren't on your shopping list, there are all kinds of other products and services to consider. Check with your plan administrator to determine what's covered and what's not since the rules vary slightly from one employer to the next, but most follow the Internal Revenue Service's guidelines for deductible medical expenses.

Just keep in mind that while most companies will give employees until some time early next year to file 2002 claims, the expenses themselves must be incurred before year's end.

A trip to the optometrist is perhaps the most popular way of emptying out your flexible spending account. Most plans will let you claim the costs of an exam, new frames, new lenses, contact lenses and even prescription sun glasses. At the very least, you can stock up on contact lens cleaning solution for next year, as these products are typically eligible for FSA withdrawals.

If you'd rather fix your nearsightedness for good, laser surgery is one way to quickly drain your FSA. Just get the procedure done by Dec. 31.

With co-pays for some prescription drugs now $20 and more, it makes sense to put enough money in your flexible spending account to pay for the drugs you take on a regular basis. Most insurance companies won't let you fill a prescription more than one month at a time. Still, if you were waiting to refill your allergy medications or birth control pills until after the New Year, do it now.

If you've been subsisting on Halloween candy, pumpkin pie and Christmas cookies for the past few months, you could treat yourself to a teeth cleaning. This expense is covered.

According to George Model, principal in the Boston office of Towers Perrin, a human resources consulting firm, you may be able to pay in full for upcoming orthodontia services and claim the amount for this year.

"If you purchase an electric toothbrush from your dentist, you can probably apply that toward your FSA, too," he notes.

As of this year, the IRS considers essential weight-loss treatment a legitimate medical expense. In turn, most flexible spending plans will allow you to claim the cost of weight-loss programs like Weight Watchers and Jenny Craig, as long as your doctor prescribes it. Diet-plan booklets and prescription weight-loss drugs may also be eligible expenses. Not covered are gym memberships and special low-fat food, or any food for that matter.

Smokers can sign up for smoking cessation programs and pay for it with FSA money, but they can't claim over-the counter nicotine gum or patches.

There are all sorts of alternative treatments you can pay for out of your FSA, as long as they are viewed as medically necessary. Among them are acupuncture, chiropractic treatment, Christian Science practitioners and even massage.

"If you have a diagnosed medical condition for which massage is good, that procedure is acceptable as long as you have the paperwork from your doctor to back it up," said Whyte.