Why pay with an FSA or HSA card?
Using your FSA or HSA card allows you to use pre-tax dollars to purchase eligible items. You still pay sales tax on purchases, but FSA and HSA cards enable you to pay directly using funds from your tax-advantaged account.
What is an FSA?
A Flexible Spending Account (FSA) is an account you contribute to on a pre-tax basis to pay for certain out-of-pocket health care costs. The Internal Revenue Service (IRS) sets guidelines for individual benefit plans to determine eligible health care costs. As such, some items may or may not be eligible for FSA, depending on your specific benefit plan.
Do my FSA funds expire?
Yes. All remaining funds at the end of the benefit period are forfeited.
What is an HSA?
A Health Savings Account (HSA) is a medical savings account associated with your health plan and used to pay for certain out-of-pocket health care costs. Funds can be contributed to this account on a pre-tax basis. The Internal Revenue Service (IRS) sets guidelines for individual benefit plans to determine eligible health care costs. As such, some items may or may not be eligible for HSA, depending on your specific benefit plan.
Do my HSA funds expire?
No. Funds in your HSA will roll over at the end of the year and continue accumulating.
Are the same items eligible for an FSA account as an HSA account?
Yes. FSA and HSA product eligibility are determined by the same IRS and benefit plan guidelines. Your benefit plan administrator determined which items are qualified for reimbursement.