Flexible Spending Account Eligible Expenses
Everyone who has a flexible spending account or FSA wants to know what is included or what it covers. Flexible spending account eligible expenses include many over-the-counter prescriptions and the FSA is an account from which co-payments can be made as well as those expenses that should be paid before your deductible has been met. This is why the FSAstore has listed helpful information regarding FSAs and what they cover.
Some Common Eligible Expenses for Your FSA
There are many over-the-counter prescriptions that you can use an FSA for, including baby products, allergy and sinus products, some diabetes care, and much more. As of January 2011, many of the over-the-counter items will require a prescription in order to be covered by the FSA. This change was made concerning items containing medicines, but excluding insulin.
Flexible Spending Account Eligible Expenses for Services
There are several services that are covered by your FSA plan, but these may not be available in all areas. Be sure to check and find out which services are available to you so that you can begin taking advantage of them. These services included dermatology, acupuncture, dentistry, lasik, psychiatry, smoking cessation, general practice, and ophthalmology.
You can also check what is eligible by searching under primary care, cancer, heart health, surgery, mental and behavioral health, and many more. These Flexible spending account eligible expenses are important to familiarize yourself with, so that you don't end up spending more than is necessary. The whole point of the FSA is to save you money not only in the short term, but in the long term as well.
Don't let savings pass you by when you could be taking advantage of an FSA. These pre-tax dollars could potentially save you as much as 40% or more when you use them for things that your healthcare policy doesn't cover.
Different Types of Flexible Spending Accounts
There are various types of flex accounts such as an HSA which is a little different from the FSA. This account helps you save for those qualified health care expenses with your pre-tax dollars, but the rules regarding how you use your HSA are different. Those who use this type of account usually are required to carry a high deductible. This policy is believed to be more ideal people who consider themselves to be healthy, and maybe only would plan to use their policy in the event they need a surgical procedure. Having this money set aside enables them to plan for such an event.
Fees to doctors and hospitals, lab fees, prescription drugs, optometry and many more items are considered Flexible spending account eligible expenses. Knowing as much upfront regarding this as possible will make things easier for you in the long term, and will save you more money too.