You can buy just the inserts, you know with the 1/4" hex on one end and the clutch on the other.
I bought a few at the local hardware store.
you can also get the bits from McMaster Carr.
http://www.mcmaster.com/ page 2755 in the online catalog, all 5 sizes for less than $6 total.
part numbers for the short ones:
7188A31
7188A21
7188A23
7188A24
7188A32
longer ones available, look at the page mentioned above.
Should be fine in the impact, and if not then they were cheap...
Grigg