this story is part 12 days tipshelps you get the most out of your technology, home, and health during the holiday season.
your Flexible spending account (FSA) offers a delicate balance of risk and reward. On the positive side, you can receive tax-free contributions for anticipated medical expenses such as over-the-counter medications, screening tests, and medical equipment. On the downside, you usually have to spend money every year. Otherwise, you will lose your money. (Don’t let your company take your money.)
FSA funds can be used for treatment, insurance deductibles, copayments, and prescription drugs not covered by insurance, but entire long lists of items and medical services may be covered by the FSA. face mask, yoga class Also Sunscreen.
Read on to discover all the possible ways to spend FSA money by the end of 2022. For more information, best life insurance company or best pet insurance.
What is the Flexible Spending Account (FSA)?
Flexible spending accounts (also known as flexible spending arrangements) arecafeteria planThere are several types of FSAs, but the most common is the Health FSA, which participants can use to pay for non-covered medical and dental expenses. with insurance.
With FSA, you decide how much to contribute at the beginning of the year, and your employer deducts a portion of it from all your paychecks.
The maximum amount an employee can contribute to the FSA is $2,850 in 2022 and $3,050 in 2023. The employer may provide additional funds for her FSA as a benefit, but those funds do not affect the employee’s contribution limit.
Traditionally, employees with an FSA file a claim with their employer to receive reimbursement for covered expenses. Some companies now issue debit cards with FSA so plan participants can make purchases directly from their accounts.
Most FSAs follow a “spend or lose” system where unused funds are returned to employers at the end of the year, with two exceptions. Changes to his FSA legislation in 2021 will allow companies to give an employee a grace period of up to two and a half months (i.e. until March 15, 2023) to use her FSA funds. . Also You can carry forward up to $610 of funds to the next year. Carrying forward funds from 2022 to 2023 will not affect the annual contribution limit of $3,050.
employer is No However, you must offer your employees one of the FSA continuation options. Every company has its own FSA rules, so check with your FSA plan manager or Human Resources department for the exact details of your plan.
What can FSA money be used for?
In addition to treatments such as doctor and emergency room visits, insurance deductibles and copays, and prescription drugs, there is a long list of approved products and services covered by the FSA.
Some FSA items automatically apply to everyone, while others require a letter of medical need (LMN) from a licensed physician. The following list of his FSA eligible products is not exhaustive, but covers all major categories of medical and dental care that can be paid for with FSA money.
Over-the-counter drugs: OTC medicines were not covered by the FSA until the 2020 Coronavirus Aid, Relief, and Economic Security Act was passed. All other OTC drugs are subject to FSA claims. This includes first aid kits and consumables such as bandages and antibiotics.
The IRS has added COVID-19 protection, such as face masks, to the FSA’s eligible list in 2021.
Sarah Tew/CNET
COVID-19 (new coronavirus infectious disease): face mask, home test Hand sanitizer is eligible for FSA refunds.
dental procedures and products: Dentures, implants, bridges and sealants are all covered by FSA. Dental reconstruction and wisdom tooth removal are similar. FSA funds can usually cover orthodontics, including Invisalign. Veneer needs his LMN from the dentist.
Vision: FSA funds can be used not only for prescription glasses and sunglasses, but also for non-prescription reading glasses and blue blocker glasses. Similarly, contact lenses and consumables, including cleaning solutions and lens cases, are covered by the FSA, as are cataract and laser eye surgeries.
hearing: FSA money can be used not only for hearing aids, but also for hearing aid batteries and maintenance. This includes phones for the deaf and products such as ear cleaners and wax removers.
breathing: Respiratory products such as nasal sprays, inhalers and vaporizers are subject to the FSA. Air conditioners, air filters and air purifiers are all eligible for reimbursement if you have his LMN from your doctor.
sleepy: In addition to over-the-counter sleeping pills, FSA Money can also be used in CPAP machines for sleep apnea and mouthguards to prevent teeth grinding. It also contains prescription sleeping pills. Items like pillows with lumbar support and melatonin can be covered with his LMN from the doctor.
preventive screening: Take care of yourself with a test to assess your health that you can pay for with FSA money. Eligible screens include DNA tests, heart scans, cancer screenings, diabetes screenings, HPV and HIV screenings, breast cancer mammography screenings, CT scans, and uninsured blood tests.
pregnancy and sexual health: Most pregnancy-related items and services, including pregnancy tests, prenatal vitamins, fertility treatments, intrauterine insemination, in vitro fertilization (IVF), and costs related to egg donors, surrogates, egg and embryo storage , are eligible for FSA funding. Men can use her FSA funds for vasectomy reversal and Viagra.
Baby: FSA funds can cover many newborn-related costs such as breast pumps, lactation consultants, breastfeeding classes, breast milk storage bags, diaper rash ointment, sunscreen for children, respiratory monitors for babies, and more. Infant formula can qualify, but only with his LMN from a doctor.
contraception: FSA funds also help prevent unwanted pregnancies. Birth control pills, tubal ligation, vasectomy, and condoms are all covered. Levonorgestrel-based “morning after pills” such as Plan B One-Step and Take Action are eligible for FSA funding, as are all legal abortion procedures, including the RU 486 pill (Mifepristone).
Menstruation: Pads, tampons, menstrual underwear, pain relievers and other sanitary products are all covered by the FSA.
Medical equipment: Most health measurement products are eligible for FSA money. Examples include thermometers, sphygmomanometers, blood glucose test kits, and pulse oximeters.
battery: In addition to the medical device itself, if you use batteries to power the medical device, you are covered by the FSA.
mental health: FSA money can be used for mental health treatments and services, such as in-person or online therapy and counseling. A visit to a psychologist or psychiatrist is covered, as is psychiatric care and prescription drugs. Unfortunately, marriage and couples counseling are not covered by his FSA reimbursement.
Addiction: FSA can cover products such as nicotine gum and patches to treat and help quit smoking. Alcoholics Anonymous can also cover donations to and transportation to attend his meetings, other substance abuse programs and treatment for gambling addiction. You need LMN to cover the cost of staying in a half-baked house.
weight loss: Weight loss programs are covered by the FSA, as are gastric bypass or lap band surgery. Prescription drugs for weight loss can also be covered with FSA money.
Yoga mats and classes can be paid for with the FSA, but only with a letter from your doctor.
Amanda Kaprit/CNET
physical strength: Most fitness costs are not covered by the FSA unless prescribed by a doctor with an LMN. These costs include personal trainers, gym memberships, and yoga classes if recommended by your doctor.
exercise protection: If you want to keep yourself safe and healthy during your sporting activities, FSA funding covers many items such as athletic tapes, braces and bandages, cups, face masks, mouth guards and more.
muscle therapy: Most physical therapy is eligible for FSA funding, including home massage equipment. You can also use your FSA money for carpal tunnel supports, back braces, or heating and cooling pads.
foot care: You can’t use FSA funds for sports shoes (no matter how orthopedic), but you can use FSA funds for healthy feet. High or low arch supports, foot care products, and corn removers are some of the items covered by the FSA.
transportation: FSA Money can be used to pay for medical or advice-related travel expenses, such as airfare, driving gas, mileage and maintenance, parking, bus or train fares, and lodging.
alternative medicine: Several non-traditional medical products and practices are eligible for FSA funding, including acupuncture, chiropractic services, homeopathy and holistic medicine.
Health-related housing improvements: If you need to change your living arrangements due to injury or medical reasons, FSA money can cover most of your expenses. This includes wheelchair ramps, handrail installations, wide doorways, low kitchen cabinets or counters, home his elevators. ,
mobility: To aid mobility, FSA funding can cover many products including scooters, wheelchairs, crutches, canes, prosthetics and more. Automobile modifications may also be eligible for his FSA reimbursement through his LMN from a doctor.
Where can I buy products that qualify for FSA spending?
Products and services covered by the FSA can be purchased anywhere as long as you are eligible for a refund. Many major online retailers have created his FSA eligible store containing all products that can be purchased with FSA funds.
Amazon, CVS, Target, Walgreens, and Walmart all have their own FSA/HSA stores, making it easy to find qualified medical and dental products.
Which expenses cannot be paid with FSA money?
While there are many potential uses for FSA money, there are some medical and dental supplies that are not eligible. Below is a list of products, services and expenses that are not covered by the FSA.
- adoption costs
- sports shoes
- baby bottle
- insect repellent
- Cannabidiol (CBD) products
- car seat
- swab
- dehumidifier
- dental floss
- Deodorants
- Hair growth and depilation products (including electrolysis)
- Health or dental insurance premiums
- lactide or other lactose intolerance medication
- latex or nitrile gloves
- liposuction
- marriage counseling
- mattress
- medical marijuana
- parent-child appraisal
- protective or safety glasses
- Shampoo, soap, shaving cream or skin moisturizer
- smoke or carbon monoxide detector
- summer camps and athletic meet
- tattoo removal
- teeth whitening or bleaching
- toothbrush or toothpaste
- UV protection gear
- veterinarian costs
- weight loss supplements
For health-related reading, Learn how winter cold affects your breathing.
