What is Flexible Spending Account FSA?
An employer provides FSA plan to their employees under which a portion of their income is deducted prior to the payroll taxes and put into an account called FSA account. This pre tax money can be used to pay for their health care costs that are not covered by the insurance. The FSA money is tax free. Putting money in the FSA account and then spending it on medical related expenses for you and your family is the best way to save tax dollars.
What does the FSA symbol denotes?
The FSA symbol on a product page denotes that the product is FSA eligible . A wide range of products across multiple categories are marked with the FSA symbol on HPFY website to let the customers know that the product can be purchased using their FSA plan.
What expenses are covered with an FSA?
• Health plan deductible
• Doctors visit co-pays
• Co-insurance
• Over-the-counter drugs
• Cost for eligible dental care, including exams, X-rays, and cleanings
• Cost for eligible vision care, including exams, eyeglasses, contact lenses, and laser eye surgery
How long does a Flexible Spending Account last?
FSA lasts for a year or till the time when the coverage ends that is end of employment. The last date to spend FSA money is 31st December. The receipts of the same can be submitted to the employer by 15th March. It is best to contact your HR department to know the details of your FSA account.
Why is it a good idea to have health FSA?
The benefit from FSA can be availed by individuals, families and retirees. Keeping aside pre-tax dollars implies payment of fewer taxes and enhances the take home pay through saving taxes. One can save money over the eligible expenses that are paid out of pocket. The saved amount depends on the tax bracket.
How my FSA benefit can be used?
Flexible spending accounts are used by paper claim forms or through utilization of flexible spending account debit card that is also referred to as Flexcard.
What expenses are not covered under a Health FSA?
The ineligible FSA expenses include:
• Insurance premiums
• Family or marriage counselling
• Prescription drug imported from another country
• Personal use items like toothpaste, shaving cream
• Herbs, vitamins and supplements utilized for general health
• Hot and Cold Therapy Products
• First aid kits /medicine cabinet/ pill dispensers
• Blood pressure monitors/ Cholesterol test kits/ Diabetic monitors, test kits, strips and supplies
Does HPFY accept FSA debit card?
Yes we do accept FSA debit cards. In case you do not have FSA debit card, you can still shop with HPFY using your other credit cards, debit cards, paypal account and via check. You can later submit all the receipt to FSA administrator for reimbursement.
Health Products For You offers the largest selection of FSA eligible products you could easily buy with your unspent FSA dollars. Just pull up your FSA plan and browse through our list of FSA eligible products. You will be surprised how easy it is to spend every bit of FSA money on essential health care products and medical supplies for you and your family. While all the products marked with FSA approved symbol are FSA eligible, HPFY does not take responsibility of the employer specific restrictions that your plan may have. It is recommended to check the eligibility requirements under your FSA plan.
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