What can I use my flexible spending card on?
Flexible spending cards, also known as FSA (Flexible Spending Account) cards, are a popular tool for managing healthcare and dependent care expenses. These cards allow employees to set aside pre-tax dollars from their paycheck to cover eligible out-of-pocket costs. But what exactly can you use your flexible spending card on? Let’s dive into the details.
Healthcare Expenses
The primary purpose of a flexible spending card is to cover healthcare expenses. This includes costs that are not covered by your insurance plan, such as prescription medications, deductibles, copayments, and coinsurance. You can also use your card to pay for medical supplies, like crutches or bandages, and even over-the-counter (OTC) medications with a doctor’s prescription.
Dependent Care Expenses
In addition to healthcare costs, you can use your flexible spending card for dependent care expenses. This includes costs for day care services for your children under the age of 13, as well as care for a disabled spouse or dependent of any age. Eligible dependent care expenses can help alleviate the financial burden of these costs, making it easier for you to maintain your work-life balance.
Prescription Eyewear and Contact Lenses
Another use for your flexible spending card is to cover the costs of prescription eyewear and contact lenses. This includes exams, glasses, and contacts. Using your FSA card for these expenses can help you save money on vision care, as you won’t have to pay taxes on the funds used for these purchases.
Medical Devices and Equipment
Flexible spending cards can also be used to purchase medical devices and equipment that are prescribed by a healthcare provider. This includes items like nebulizers, glucose monitors, and CPAP machines. These purchases can be made tax-free, providing financial relief for those who need these items to manage their health conditions.
Health Club Memberships and Fitness Classes
While not all health club memberships and fitness classes are eligible for flexible spending card use, some plans may allow you to use your card for these expenses. Check with your employer or plan administrator to see if your specific plan covers these costs.
Remember to Check Eligibility
It’s important to note that not all expenses are eligible for flexible spending card use. Always check with your employer or plan administrator to ensure that a specific expense is covered under your FSA plan. Additionally, be aware of the annual spending limit for your FSA, as any unused funds may be forfeited at the end of the plan year.
In conclusion, your flexible spending card can be a valuable tool for managing a variety of healthcare and dependent care expenses. By understanding what you can use your card on, you can make the most of your FSA and save money on eligible costs.
