FSA Write For Us
Flexible Spending Accounts and Health Savings Accounts agree you set aside cash on a pre-tax basis, sometimes directly from your paycheck, to pay for eligible medical expenses. Store this card very carefully because if it is stolen, you may not have the same rights as a debit card from your bank or credit union.
Your employer may offer the FSA or HSA separate accounts to pay for eligible medical expenses. Funds can be linked to a card, and the rules about the types of costs allowed for these accounts also apply to using the card.
Tip: Ensure the money has been put into the HSA account before spending it with your card.
Facts About Flexible Spending Accounts (Fsas)
They are limited to $3,050 per employer per year. If you’re married, your spouse can contribute up to $3,050 to an FSA with your employer.
You can use the assets in your FSA to pay for firm medical and dental expenses for yourself, your spouse if married, and your dependents.
- You can spend FSA funds to pay for deductibles and copays but not for insurance premiums.
- You can spend FSA funds on prescription drugs as well as over-the-counter prescription drugs. Payment of insulin without a prescription is permitted.
- FSAs can also be use to cover the cost of medical equipment such as crutches, supplies such as bandages, and diagnostic equipment such as blood sugar test kits.
- Get a list of generally allowable medical and dental expenses from the IRS.
FSA Limits, Grace Periods, And Rollovers
Generally, you must use the money in an FSA within the plan year. But your employer may offer you one of 2 options:
- You can provide a “grace period” of up to 2 ½ months to use the money in your FSA.
- It may allow you to carry over up to $610 per year for the following year.
Your employer does not have to offer these options. If so, it can be either of these options, but not both.
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