Maximize the Value of Your HSA and/or FSA
Your Health Care Flexible Spending Account (FSA) and/or Health Savings Account (HSA) dollars can be used for a variety of out-of-pocket health care expenses that qualify as federal income tax deductions under Section 213(d) of the Internal Revenue Code (“IRC”).
Your Health Savings Account allows you to save pre-tax income that you can use to pay for qualified short- and long-term medical expenses. It complements your High-Deductible Health Plan, giving you an additional method to save specifically for healthcare costs.
Health Care FSA dollars can be used to reimburse you for medical and dental expenses incurred by you, your spouse or eligible dependents (children, siblings, parents and other dependents which are defined in your Plan Documents).
IMPORTANT: The IRS defines which medical expenses are eligible under a tax-deferred account. Not all expenses are eligible under all plans. An employer may limit which expenses are allowable under their Health Care FSA or HSA plan. If you are unsure of what your Health Care FSA and/or HSA dollars may be used for, please contact your Plan Administrator. Further, nothing on Health Shopper constitutes tax advice, please consult with your tax advisor regarding your individual situation.