In order to maximize your pre-tax Flexible Spending Account (FSA) contributions, it is important to know what is typically covered through your FSA account. With all the products available in the health and medical field, knowing what is and isn’t covered by an FSA may seem confusing. What may seem like a common medical expense may actually not be covered. As your partner in health and wellness, Health Products For You can clear up some of the confusion and misinformation.
If you have an employer-provided FSA you already probably understand what it entails, but for those who may not know or may be offered one for the first time you will certainly have some questions.
According to healthcare.gov a Flexible Spending Account or FSA is an arrangement with your employer that allows you to pay for out-of-pocket medical and health-related expenses using pre-tax money. The money you contribute to an FSA is tax-free and lowers your taxable income, which can be a benefit for you. Your contribution limit is set by your employer and what you decide to contribute is your choice up to those limits.
You may think that any medical expense is covered by an FSA. Unfortunately, that is not the case. There are expenses that are eligible for FSA dollars and some that are not.
Being able to maximize your FSA contributions means understanding what you can and can’t spend these pre-tax dollars on. Some examples of eligible medical expenses may include but are not limited to:
This is only a partial list of the many over the counter and prescription medical aids that are FSA eligible. Be sure to save receipts just in case the IRS asks. Knowing what is eligible is only part of the equation in understanding your FSA. Items that may not be FSA eligible may include:
Maximizing your pre-tax contributions means understanding that if you don’t use your yearly FSA contributions by the end of the year, they are forfeited. Depending upon your employer, they may extend a grace period during the following year for eligible purchases, or you may be able to rollover some FSA dollars.
Be sure to check with your plan administrator to verify that your medical expense is truly FSA eligible and if there is any carryover or grace period for your plan.
Health Products For You has many FSA eligible products for you purchase. Don’t let your FSA dollars expire - check out our website!
Disclaimer: All content found on our website, including images, videos, infographics, and text were created solely for informational purposes. Our reviewed content should never be used for the purpose of diagnosis or treatment of any medical conditions. Content shared on our websites is not meant to be used as a substitute for advice from a certified medical professional. Reliance on the information provided on our website as a basis for patient treatment is solely at your own risk. We urge all our customers to always consult a physician or a certified medical professional before trying or using a new medical product.
Kevin Cleary has been a Health Products For You contributor for many years and has a degree in marketing. His health and wellness journey has a very personal meaning and has guided him in his content writing for HPFY.
In 2006, ...
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