Have you got a Big Question you'd like us to answer? If so, let us know by emailing us at. You can use your funds to buy everything from sunglasses to first aid kits at sites like, Heath Products for You, and Amazon, which has a whole section dedicated to FSA- and HSA-eligible products. Though FSAs are for qualified medical and healthcare expenses, that money doesn’t always have to go toward doctor visits. The IRS also announced that it was increasing annual contribution limits for FSAs to $28, up from $2750 in previous years. Specifically, the cost of menstrual care products is now reimbursable. You may even be eligible to carry over all of your unused balance from 2021 into 2022 (this is also true for dependent care FSAs), if your employer opted into the new guidelines. The CARES Act also modifies the rules that apply to various tax-advantaged accounts (HSAs, Archer MSAs, Health FSAs, and HRAs) so that additional items are 'qualified medical expenses' that may be reimbursed from those accounts. But as of November 10, 2021, the Internal Revenue Service (IRS) increased the maximum carryover amount to $570. However, as CNBC explains, recent legislative changes brought on by the coronavirus pandemic have changed the way FSAs typically operate.īefore the pandemic, depending on your employer, you could roll over up to $550 to use the following year. While treatment costs do not require a prescription to be eligible, any Prescriptions - Drugs and Medicines prescribed must be prescribed by an individual. Some employers do offer a grace period, usually up to 2.5 months after the deadline, to use the remaining balance. This year, the deadline to spend FSA money is December 31, 2021. When submitting a claim for reimbursement, you are responsible for ensuring the expenses are acceptable per the IRS guidelines and appropriate supporting documentation is provided. If you don't spend what's in your balance in time, you lose that cash. The key to making the most of your Health Care Spending Account is understanding the expenses that qualify for reimbursement. It's similar to a health savings account (HSA), but there are key differences between the two, one of which is that FSAs have an annual deadline. Requires letter of Medical Necessity signed by your doctor, plus detailed receipt Requires letter of Medical Necessity signed by your doctor, plus detailed receiptĪllergy & sinus medicine (over-the counter)Īllergy treatments products (HEPA filters, Air purifier, etc.A flexible spending account ( FSA) is an employer-sponsored fund where you deposit pre-tax dollars to use on qualified medical and healthcare-related expenses that insurance doesn't usually cover. Encircled icon of a desktop computer monitor Encircled hand hold a mobile device on which the screen shows a check mark Arrow pointing left Arrow pointing right At symbol indicating an email address Institution Icon Menu Icon Go to first page symbol Closed book icon Bookmark with tabs Encircled image of a handheld calculator Calculator Icon Encircled monthly calendar Calendar shaped box with checkmark Month view of a Calendar Caret Down Caret Left Caret Right Checkmark on a circlular background Check mark in a square box Child Icon Circle Clock face Close or Cancel symbol Three cogs enmeshed Comment bubble Comment bubble Two comment bubbles addressing each other in conversation Icon indicating a database as a stack of circles Encircled image of a small hand laid atop a larger hand Dependent Care FSA Icon Desktop computer monitor over a circle with a shadow Desktop computer icon Encicled open document folder Money Icon Encircled dollar sign US Dollar symbol Dotted Arrow Icon Edit Icon Go to last page symbol Pen with checked checkbox within a circle Envelope Icon Exclamation Mark within a Triangular Sign Encircled hand holding dollar bills American Flag Encircled compass Eye Icon Facebook Logo Edit Icon Star Icon Fax Icon Encircled hand holding a dollar sign Adobe Acrobat PDF icon Single, blank file icon Two files in a stack Lightning bolt symbol Encircled file icon A group of people Encircled white cross Health Care Flexible Spending Account Icon Heartbeat Icon Encircled "i" character Text file icon symbolizing a paper letter Encircled image of two files, one laid above the other Encircled icons of a tooth and an eye Limited Expense Healthcase FSA Icon Encircled lightbulb List Icon Lock Icon Encircled megaphone Medkit Icon Encircled chat bubble Mobile phone over a circle with a shadow Pause Icon Encircled stack of coins Phone Icon Play Icon Mouse Pointer Icon Prescription Symbol Printer Icon Question Mark Icon Encircled question mark Encircled cloud with download symbol Search Icon Secure Email Sign In Icon Sign out of this site Spinning circle indicating a process is active Encircled star Star Icon Wrench within a circle Twitter Logo User Icon with Plus Symbol Download on the App Store FSAFEDS Logo Get it on Google Play United States Office of Personnel Managementĭisplaying expenses 1-15 of 316 Eligible?Įligible with a detailed receipt Eligible with a detailed receiptĮligible with appropriate documentation Eligible with appropriate documentation
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