Do I have FSA / HSA funds?
If you are not contributing to a Flexible Spending Account or a Health Savings Account, then you do not have these funds.
If you do have FSA funds, please be advised that most balances will expire on December 31st - that means whatever money is still in your account will not be accessible after the end of the year.
What is an FSA?
An FSA, or a Flexible Spending Account, is sometimes offered to those who have a health plan through a job. If your job’s health plan offers an FSA, that means you can pay into an account that would only be used for medical expenses.
For example, you could put $1000 into an FSA, then use that $1000 to pay for things like deductibles, copayments, medications, or some medical equipment. You are still using your own money to pay for these things, it’s just that you put the money into a specific account for medical items.
Since you don’t need to pay taxes on FSA funds, many will choose this option to save money on taxes. Some employers may contribute to an FSA, but many will not.
What is an HSA?
An HSA is much like an FSA in that it’s an account you pay into that you can only use for medical expenses and that you will not need to pay taxes on.
The main difference is that while employers control FSAs, individuals control HSAs.
I do have a Flexible Spending Account or a Health Savings Account. What products can I purchase with my FSA funds?
All FSA and HSA eligibile products are marked with a blue checkmark and "FSA & HSA Eligible" label. Many of our products are eligible (in most cases), like:
- Incontinence supplies, such as adult diapers
- Blood pressure monitors and Diabetic monitors
- Compression socks
- Crutches, canes, walkers
How do I use my FSA funds?
In many cases, you should already have an FSA card that’s preloaded with the funds you’ve added to the account. If you have this card, just use it when checking out. Hold on to your receipts, as the IRS may need to confirm that the funds were used appropriately.