What can FSA be used for?

You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums. FSAs may also be used to cover costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits. See a list of generally permitted medical and dental expenses.

What is an example of flexible spending?

Medicines or drugs qualify as medical expenses if they require a prescription, are over-the-counter medicines that are prescribed, or are insulin. FSA-eligible items also include things like bandages, crutches, or artificial teeth.

What are 3 things an FSA can be used for?

Here’s a look at some of the more surprising products you can spend your FSA balance on this year.

• Acne treatments.
• Air quality products.
• Alternative medicine procedures.
• Ancestry kits with health reports.
• Antibacterial ointments.
• Baby products.
• Dental procedures.
• Eye care.

What items are covered under flexible spending?

Here’s a list of Health FSA-eligible items you can buy without a prescription:

• Acne light therapy.
• Athletic and orthopedic braces and supports.
• Breast pumps and accessories.
• Blood glucose monitors and testing strips.
• Blood pressure monitors.
• Condoms.
• Contact lenses and supplies.
• Denture cream and cleansers.

Can you use FSA at Costco?

You can use your FSA at Costco to make eligible purchases. Because of this, it’s typically best to purchase in-stock items with your FSA card in person at your local Costco.

Are feminine FSA eligible?

The CARES Act reclassified feminine products as “medical expenses,” which means you can now purchase pads and tampons with pre-tax income through your FSA or HSA.

Do you pay taxes on FSA?

You aren’t taxed on the amounts you or your employer contributes to the FSA. However, you must include in your income any contributions your employer makes for your long-term care insurance. You usually forfeit money you contribute that you don’t spend by the end of the plan year. So, the money is use-it-or-lose-it.