What are common FSA-eligible expenses?
The IRS determines what expenses qualify for reimbursement with a Flexible Spending Account (FSA). However, every FSA plan has specific rules about qualified FSA eligible expenses. When you’ve elected an FSA, you’ll receive a Summary Plan Description that outlines in detail which expenses are covered by your FSA.
6 Examples of FSA Eligible Expenses
1. Co-payments, co-insurance and deductibles. Unfortunately, insurance premiums are not covered by an FSA.
2. Dental care – cleanings, fillings, exams, and even orthodontia.
3. Eye care – eyeglasses, exams, contact lenses, LASIK and contact lens care.
4. Over-the-counter (OTC) products.
5. Prescriptions and OTC drugs (Advil, Zyrtec, Prilosec). As a result of Health Care Reform, any OTC items containing medicines require a prescription for FSA reimbursement.
6. Medical office visits with health care providers not covered by a regular health insurance plan – chiropractors, acupuncturists, and other alternative medicine are a few examples.
Need to spend down your FSA by end of year? You still have time.