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Understanding FSA & HSA: Your Guide to Smarter Health Spending

Posted on by Beth Swiss
23
Feb

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Understanding FSA & HSA: Your Guide to Smarter Health Spending

Smart Ways to Use Your Health Funds

When shopping for medical products like braces, supports, or pain relief wear, it’s important to know you may be able to use FSA or HSA funds. Here’s what that means and how it can benefit you:

What is an FSA?
A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket healthcare costs. You don’t pay taxes on this money, which means you save.

  • Use-it-or-lose-it: Most FSAs expire at the end of the year.
  • Employer-based: FSAs are offered by employers and must be set up through a workplace benefit program.
What is an HSA?
A Health Savings Account (HSA) is another type of savings account used for medical expenses, but it’s only available to those with high-deductible health plans (HDHPs).
  • Funds roll over: Money in an HSA stays with you, year after year.
  • More flexible: HSAs are often considered more flexible and are not tied to your employer
FSA & HSA: Frequently Asked Questions
  1. Can I use my FSA or HSA to buy a brace?
    Yes. Most orthopedic braces, supports, and compression wear are considered eligible expenses under both FSA and HSA plans.
  2. How do I use my FSA or HSA at checkout?
    Use your FSA/HSA debit card like a regular credit card at checkout. If you don’t have a card, you can pay upfront and submit the receipt to your provider for reimbursement.
  3. What if my item isn’t eligible?
    Some products may require a Letter of Medical Necessity (LMN) from your doctor. Check with your FSA/HSA provider before purchasing.
  4. Is shipping covered by FSA or HSA?
    Typically, only the product cost is eligible—not shipping or handling fees. Review your plan’s guidelines to confirm.
  5. Can I return items bought with an FSA or HSA?
    Returns are usually allowed, but your provider may need documentation or require that refunded amounts be returned to the account.
Shop with Confidence

Here is a link for a list of FSA Expenses….

Various Eligible Expenses

You can use your Health Care FSA (HC FSA) funds to pay for a wide variety of health care products and services for you, your spouse, and your dependents. The IRS determines which expenses can be reimbursed by an FSA.

Here are a few of the list of items that are on the list… many are included on our webstore.

    • Athletic treatments / braces
    • Bandages and related items (over-the-counter)
    • Compression or anti-embolism socks, stockings or hose (20-30 mmHg or 30-40 mmHg)
    • Crutches, canes, walkers or like equipment (purchase or rental)
    • Diabetic monitors, test kits, strips and supplies
    • Lactation Supplies: creams/ointment, pad/shields, storage bags/bottles
    • Masks
    • Medical supplies (for treatment of a medical condition)
    • Orthopedic & surgical supports
    • Over-the-Counter Product (for treatment of medical condition)
    • TENS Unit
    • Walking aids (canes, walkers, crutches, walking poles with rubber tips, and related supplies)

 

Beth Swiss