Flexible Spending Eligible
The flexible spending account is becoming more popular among those who are looking to save money on health care items, but also on those items that are healthcare related. Flexible spending accounts allow consumers to set aside pre-tax dollars for healthcare related items that are not covered by their insurance policy. The FSA usually allows for co-payments to be paid out, and deductibles are also a part of the flexible spending. Eligible items are usually defined by the company, but can also be identified by going to www.fsastore.com.
What Items Can Your FSA be Used For?
As of January 2011, most over-the-counter drugs require a prescription in order to use your FSA funds to purchase them. While most of them are listed under allowance for flexible spending, eligible items that need a prescription contain medicine and exclude insulin. Several products and medical supplies like syringes and braces are also considered as eligible to be used with the FSA, but don’t require a prescription.
Most employees are given an FSA debit card to use to make their purchases on their account. This makes using the account even easier, and expenses are easier to track and account for. Those who don’t use the FSA debit card will find it much more difficult to account for their expenses, and will have to keep a paper trail in order to get their reimbursements for those items purchased.
What is not Flexible Spending Eligible?
It is wise for people to know what is eligible for FSA and is not. For example, paying health insurance premiums isn’t covered, simply because your insurance premium is already being deducted by your employer. The FSA is strictly to be used for items that your health insurance plan won’t cover.
Again, your out-of-pocket expenses are what using an FSA is all about, because you can use it when you need it. Paying your co-payments and paying out against your deductibles and co-insurance will save you a lot of money because you are using your pre-tax dollars.
Most consumers find that they are saving up to 40% by using their pre-tax dollars to set aside for their FSA.
FSA Store Can Help.
The FSAstore.com is available to help you determine what products are eligible and which ones are not. You will know what you need a prescription for, and what you can purchase on your own. You will be able to locate FSA services that are available where you live, and more information pertaining to the FSA accounts and how they work.
Getting an FSA account is beneficial, and helps more and more families save money every day. If you are not sure whether or not it’s right for you, just ask your health plan administrator.