Top 5 Flexible Spending Account myths debunked
"I can only buy band-aids with my FSA."
Wrong. Your FSA covers thousands of products. Everything ranging from breast pumps to contact lens care to blood pressure monitors and first aid kits!
"I can't buy OTC drugs with my FSA anymore!"
Wrong. You can buy over-the-counter drugs, but you will need a prescription to get FSA reimbursement. Our Rx Process can help! General OTC remains eligible without a prescription!
"I can buy several years supply of one product!"
Wrong. Buying more than you would use in one year of one item is not advised and may not qualify as an eligible expense since the IRS does not approve of stockpiling. Check out our wide product selection!
“I have a lot of money left in my FSA. I'll just buy items and donate them."
Wrong. Although it's a nice concept, the IRS only allows you to use your FSA for yourself, your spouse and qualified dependents. You would be surprised how much there is to spend your money on however; browse our thousands of eligible products!
"This FSA is taking more money from me!"
Wrong. FSAs reduce your taxable income and save you money! Any money you set aside in an FSA is still yours to spend on eligible medical expenses, provided that you do so within the plan year.
Stay tuned for part II of FSA myths coming soon! In the meantime, follow the latest in the FSA world right here on the blog, or shop for FSA eligible products on our site!