Over-the-counter medicine such as pain relievers, antacids, allergy medicine, anti-itch creams, sleep aids, eye drops, acne treatment, nasal sprays, and more.īirth control including condoms, OTC birth control, and birth control prescribed by a doctor.Įxpenses related to the training and care of a guide dog or other service animal.
This includes Lasik.Ĭare by specialty medical providers including dermatology, psychiatry, oncology, allergy specialists, genetic counselors, naturopathic medicine, acupuncture, and chiropractic care. Out-of-pocket expenses for vision care including eye exams, eyeglasses, contact lenses, and eye surgery. Some common FSA eligible expenses include:Ĭopays, co-insurance, and deductibles for medical care.ĭental care and procedures including cleanings, x-rays, extractions, crowns, bridges, dentures, implants, and other non-cosmetic procedures. The eligible expenses for healthcare FSAs are quite vast and span a number of categories. What Expenses Are Covered By an FSA? Healthcare FSAs These are generally offered in conjunction with a health savings account (HSA) that will set aside money separately for medical expenses. Limited Purpose FSA: An FSA that covers out-of-pocket costs for dental and vision care, but not standard medical care. However, the American Rescue Plan Act temporarily raised that to $10,500 for the 2021 plan year. The annual dependent care FSA contribution limit is $5,000. The maximum that an employee may contribute to a healthcare FSA is $2,750.ĭependent Care FSA: A dependent care FSA is designed to set aside pretax dollars to go towards childcare, eldercare, or other dependent care expenses. This allows you to use pre-tax dollars to cover copays, out-of-pocket medical, vision, or dental expenses, and purchase eligible health care products. The most commonly used FSA is the healthcare FSA. While flexible spending accounts are typically associated with medical costs there are a couple of different types of FSAs.
Here is what you need to know to figure out if an expense is FSA eligible. Wherever you fall, we have answers for you. Many people are surprised to learn how many everyday items are actually FSA eligible. They may also be questioning whether they have a need for an FSA and if so, how much they should choose to have deducted each month. Many employees are coming to the end of the year and realizing that they still have a lot of money in their FSA accounts that they need to spend. They can also seek reimbursement for FSA-eligible expenses that they placed on their personal cards.įor employees, figuring out exactly what expenses are FSA eligible can be a bit confusing. These funds are placed in an FSA account that employees can use to pay for eligible expenses. Employers are constantly looking for ways to remain competitive in their benefits offerings, and an FSA is a great add-on to your benefits package.įlexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA.
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