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Flexible Spending Account FAQs

What is a flexible spending account?

Flexible Spending Account or FSA is a pre-tax employee benefit account that allows you to pay your eligible health care expenses that are not covered by the insurance.

How does FSA work?

An employer provides an 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.

What are the benefits of a flexible spending account?

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 can I buy with my FSA card?

Following are some FSA eligible expenses which allow you to spend your FSA dollars:

• Over-the-counter drugs
• Doctors visit co-pays
• Co-insurance
• Health plan deductible
• Eligible vision care costs, including eyeglasses, contact lenses, exams, and laser eye surgery
• Eligible dental care costs, including X-rays, exams, and cleanings

How do I spend my FSA money?

Flexible spending account money is spent by using paper claim forms or through the utilization of the FSA debit card that is also referred to as Flexcard.

How long does a Flexible Spending Account last?

FSA lasts for a year or till the time when the coverage ends, that is the end of the 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.

What expenses are not covered under FSA?

Following expenses are not covered under a health FSA:

• Insurance premiums
• Family or marriage counselling
• Prescription drug imported from another country
• Personal use items like toothpaste, shaving cream
• Herbs, vitamins, and general health supplements
• 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

Where can I use my FSA card?

HPFY accepts FSA debit cards. In case you do not have FSA debit card, you can still do FSA shopping online 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.