Once and for all…we will debunk five common Flexible Spending Account myths.
“I can only buy band-aids with my FSA.”
“I thought OTC drugs were no longer eligible with my Flexible Spending Account”
But, they are FSA eligible expenses. Many people get confused about the OTC drug availability with an FSA, and who can blame them? [More]
“I was fired before the end of my FSA plan year. What happens to remaining FSA funds?”
Even if you are fired before the end of your Flexible Spending Account plan year, some employers give you the chance to use the remaining funds in a specific time period. [More]
You can participate in a tax-advantaged Health Savings Account and cover qualified, out-of-pocket medical expenses if you are enrolled in a qualifying High-Deductible Health Plan. [More]
Before you leave or retire, you can still incur, and be reimbursed for, expenses for your Flexible Spending Account. You cannot incur expenses after termination because you must be an active employee when the expense was incurred, unless you qualify for and elect COBRA to continue your FSA. [More]
Vitamins or nutritional supplements (herbal or natural medicines) used for general health are not FSA eligible expenses. However, if vitamins are used to treat a medical condition, they may be eligible. [More]
No. The IRS does not allow you to use a Flexible Spending Account to pay insurance premiums. However, you can use your FSA towards other out-of-pocket expenses related to health care services such as co-pays, deductibles and co-insurance. [More]
If you don’t know the answer to this question, now is the time to contact your FSA administrator. [More]
Your Flexible Spending Account covers so much more than band-aids and eyeglasses.
People often defer to these products, because they’re popularly associated with an FSA plan. [More]
Flexible Spending Account (FSA) enrollment has steadily increased in the last five years. FSA enrollment was at 22.8% in 2013, a recent CDC National Center for Health Statistics study showed. [More]