![]() ![]() ![]() To help you invest in your wellness and spend your hard earned money. However, in most cases, FSA dollars do not roll over, so if you don’t use the money you’ve set aside in your FSA account, you’ll lose it. Here is a sample list of expenses currently eligible and not eligible by the Internal Revenue Service (IRS) as deductible medical expenses. Eligible Ineligible Potentially Eligible Alight Smart-Choice Accounts Limited Purpose Flexible Spending Account Eligible Expenses Expense Covered More Details Cosmetic services and products - Surgery that isn't medically necessary. If you are unsure of what your Health Care FSA and/or HRA dollars may be used for, please contact your Plan Administrator. That means, save each and every receipt you’ll most likely need it. An FSA, or flexible spending account, allows you to purchase certain health-related items with money that is set aside pre-tax. An employer may limit which expenses are allowable under their Health Care FSA. You must also file your claim with the appropriate supporting documentation. For additional information, check your Summary Plan Document or contact your Plan Administrator. Weight Watchers and Jenny Craig) – Program fees are eligible but food portions are not. IRS regulations state when filing a claim, your expenses listed must be incurred by you, your spouse, or eligible dependent during the coverage period and the dates noted on the claim. Also, expenses marked with an asterisk () are potentially eligible expenses that require a Letter of Medical Necessity from your health care provider to qualify for reimbursement. Reimbursements are only issued for eligible. ( Over-the-counter products were added by the CARES Act, March 2020). A copy should be submitted with every reimbursement request and a new letter needs to be obtained every 12 months. A Health FSA eligible expense is any healthcare expense approved by the IRS for reimbursement through an FSA. What can I buy with my HSA or FSA in 2021-2022 The IRS expanded the list to include OTC products such as pain reliever, face masks and cold and flu medicine. Treatment cannot be for general health or wellbeing. Take a deep dive and get tips and tricks to make the most of your account. You can use an FSA to save on average 30 percent 1 on healthcare costs. The IRS allows FSA reimbursement of the following, with a copy of the physician’s statement of medical necessity, that includes the specific product/service and diagnosis. FSAs are tax-advantaged accounts that let you use pre-tax dollars to pay for eligible medical expenses. EXPENSES OF FSA EXPENSES THAT REQUIRE A LETTER OF MEDICAL NECESSITY ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |