FSA & HSA Shop

A Health Savings Account (HSA) lets you set aside money on a pre-tax basis to pay for eligible medical expenses. Allowing contributions up to $3,500 per individual or $7,000 per family, it may help lower your overall healthcare costs. Contributions can come from you, your employer or anyone else who wants to add to your account. To qualify for an HSA, you must have a High Deductible Health Plan (HDHP). To see if you’re eligible for an HSA, check with your company or plan administrator.

Similar to an HSA, a Flexible Spending Account (FSA) also allows you to save pre-tax dollars for medical expenses; however, FSAs are established by your employer and have a limit of up to $2,700 per year. Both accounts can be used to cover medical costs for you and any dependents claimed on your federal tax return.

In many cases, you’ll receive a debit card which can be used to pay for qualifying expenses. For out of pocket payments, you can request reimbursements from your plan administrator. To receive reimbursements, remember to keep receipts and paperwork in accordance with your plan’s policies.

Dual-Purpose items may have both a medical purpose and a personal hygiene, cosmetic or general health purpose. In order for an item to be eligible, it must be used to treat a medical condition and not used to improve or maintain general health unless prescribed by a physician to treat a specific illness, condition or injury. These products may be eligible for reimbursement with a letter from a licensed healthcare professional stating it’s a medical necessity. Card holders should contact their plan administrator for more information and to confirm the required documentation.

Ineligible items are used for general health, cosmetic or personal hygiene purposes. These items are not reimbursable. Typically, these items wouldn’t be referred to as a medicine or drug and wouldn’t be recognized to treat a medical condition. These items include things such as food supplements, toiletries, lotions, soaps, shampoos and most herbal supplements.