FAQs on FSAs

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Flexible Spending Accounts Information

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Change in Employment Terms and Benefits

New Health Reforms

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Recent Questions

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I signed up for an FSA account for $2500 & have only paid $208 into it, but it already says that my balance is $2500. Is this correct?
AnsweredAnonymous asked 3 weeks ago

Thanks for visiting the FSA Learning Center and submitting your question! When you sign up for an FSA, the money you select to contribute to it is technically available from day one of your plan year. So, that means the full amount of $2,500 you signed up for would be available to you on the first day of your FSA plan year, regardless of whether the full amount was deducted from your paychecks already. Your employer simply divides that total amount that you selected to contribute into smaller, equal portions that will be deducted from your paycheck pre-tax over the course of the year. Curious about maximizing your FSA throughout the year? Read more about budgeting an FSA

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I suffer from adult acne. Can I use my FSA for acne treatments like a facial or acne scar laser removal?
AnsweredAnonymous asked 3 weeks ago

Thanks for visiting the FSA Learning Center and submitting your question. The IRS outlines FSA eligibility here, and specifically mentions, “Medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness. They don’t include expenses that are merely beneficial to general health, such as vitamins or a vacation.” What this means is that a facial and acne scar laser removal would not be considered FSA eligible. We advise that you check in directly with your FSA administrator about acne-related expenses. You can shop for acne medications at FSAstore.com (this will require a prescription with your FSA), or get non-medicated acne treatment at FSAstore.com.

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How do I file a claim?
AnsweredAnonymous asked 3 weeks ago

The reimbursement process varies, but you’ll submit claims to your FSA administrator. It’s good to contact your FSA administrator and find out the specifics for the claims filing process. Once you start using your FSA, we recommend you submit for reimbursement quickly after you receive a medical service or buy an eligible item. 

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How do I know if an eye glass prescription will be acceptable to FSA?
AnsweredAnonymous asked 3 weeks ago

Thanks for checking out our FSA Learning Center and asking your question! If you’re not sure about the eyeglass prescription, it’s best to contact your FSA administrator for additional details about your FSA plan. In general, prescription eyeglasses are considered FSA eligible. Shop for glasses using an FSA through FSAstore.com via https://fsastore.com/glasses.aspx 

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Can I use my money to pay someone else’s bill?
AnsweredAnonymous asked 3 weeks ago

You can only use your FSA to cover medical expenses for qualifying dependents. Eligible dependents include your spouse, your children under the age of 26, and other dependents claimed on your tax return. The IRS provides more information defining dependents here

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FSA Articles

What is a Flexible Spending Account?

What is a Flexible Spending Account?

A Flexible Spending Account (FSA), sometimes also referred to as a Flex Spending Account, a Flex Savings Account, or a Flexible Spending Arrangement, is an employer-sponsored benefit plan addon that lets you set aside pretax money from your paycheck to spend on health care expenses not covered by your insurance policy.

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What is the FSA Grace Period?

What is the FSA Grace Period?

Flexible Spending Account (FSA) plans are set to expire each year on a specific deadline. Many FSA participants have plans that end on December 31. In 2005, the Internal Revenue Service issued a notice allowing employers to provide employees an optional extension of FSA coverage – this is known as a grace period.

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Job Changes and Your FSA

Job Changes and Your FSA

In the working world, most employees know that Flexible Spending Accounts (FSAs) function on a year-to-year basis and funds are subject to a “Use it or Lose it” rule where their remaining money will be forfeited at the end of the plan year (unless your employer agrees to a deadline extension such a grace period or carryover).

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Budgeting an FSA

Budgeting an FSA

Before you sign up for a Flexible Spending Account during open enrollment, think about your health care needs. Perhaps you’ve been considering LASIK, need a dental cleaning, or want refills for medications on a recurring basis. An FSA comes in handy because it can be applied to various medical expenses.

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Can I Make Mid-Year Changes to My FSA?

Can I Make Mid-Year Changes to My FSA?

When you sign up for a Flexible Spending Account (FSA), you must stick to a specific budget, or contribution per year. It’s important that you think carefully about that contribution amount by taking into account expenses for medical visits, routine dental and eye care, and over-the-counter products you need.

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