What can I pay for with my flexible spending account?
Flexible spending accounts (FSAs) are a popular employee benefit that allows individuals to set aside pre-tax dollars for qualified medical expenses. With an FSA, you can save money on healthcare costs and potentially reduce your taxable income. But what exactly can you pay for with your FSA? Let’s explore some of the most common eligible expenses.
Prescription medications and over-the-counter drugs
One of the most common uses for an FSA is to pay for prescription medications. This includes both brand-name and generic drugs, as well as medications that require a prescription. Additionally, many FSAs also cover over-the-counter (OTC) drugs, such as cough syrup, allergy medication, and pain relievers, as long as they are prescribed by a doctor.
Medical supplies and equipment
FSAs can also be used to pay for medical supplies and equipment that are necessary for the treatment of a specific medical condition. This includes items such as crutches, walkers, braces, and insulin pumps. If you have a chronic condition that requires these items, an FSA can help you save money on them.
Doctor visits and preventive care
While you may not be able to use your FSA to pay for routine doctor visits, you can use it to cover the costs of certain preventive care services. This includes vaccinations, screenings, and annual physicals. By using your FSA for these services, you can not only save money but also maintain your health.
Prescription eyewear and contact lenses
If you need prescription eyewear or contact lenses, your FSA can help cover the costs. This includes glasses, sunglasses, and contact lenses, as well as related accessories such as cleaning solutions and lens cases.
Oral care
FSAs can also be used to pay for certain dental expenses, such as cleanings, fillings, and braces. Some plans may even cover orthodontic treatments and other dental procedures.
Chiropractic care
If you receive chiropractic care as part of your treatment plan, your FSA can help cover the costs. This includes regular adjustments, as well as other services provided by a chiropractor.
Acupuncture and other alternative therapies
Many FSAs also cover alternative therapies, such as acupuncture, massage therapy, and physical therapy. These treatments can help alleviate pain and improve your overall well-being.
It’s important to note that not all FSAs cover the same expenses, and some may have specific requirements or limitations. Be sure to check with your employer or plan administrator to understand what is and isn’t covered under your FSA. By taking advantage of your FSA, you can save money on qualified medical expenses and potentially improve your financial and physical health.
