Exploring Eligible Products and Services in the FSA Store
The FSA store offers a wide range of products and services that can be purchased using funds from a Flexible Spending Account (FSA). These items are considered qualified medical expenses under IRS guidelines, meaning they are eligible for tax-advantaged reimbursement through an FSA (Source).
FSA Eligible Products: From Cough Drops to Vision Expenses
FSA and HSA eligible items cover a wide range of products and services. The list of eligible items is extensive and includes costs of diagnosis, cure, mitigation, treatment, or prevention of disease. For instance, you can include amounts paid for legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners. They also cover the costs of equipment, supplies, and diagnostic devices needed for these purposes. However, it's important to note that you cannot include medical expenses that were paid by insurance companies or other sources (Source).
To identify eligible items, you can refer to the IRS Publication 502 (Source) or visit the FSA Store website (Source). Some examples of eligible products include:
- Prescription medications
- Over-the-counter medicines with a doctor's prescription
- First aid supplies
- Blood pressure monitors
- Diabetic supplies
- Sunscreen with SPF 15 or higher
Remember that some items may require a Letter of Medical Necessity from your healthcare provider to be considered eligible for certain types of reimbursements.
HSA Eligible Items: Spend Smart on Health Care Products
When it comes to Health Savings Account (HSA) eligible items, the rules are similar to those of FSAs. You can use your HSA funds to pay for deductibles, copayments, coinsurance, and some other expenses which may help lower your overall health care costs. However, HSA funds generally may not be used to pay premiums (Source). For example, you can use your HSA funds for IRS qualified out-of-pocket medical expenses including some expenses and services that your health plans may not cover. Qualified expenses also extend to your spouse or other tax dependents, even if they aren't covered on your medical, dental, and vision plans (Source).
Remember to spend smart when shopping at the FSA store with your HSA card. Always check which services and supplies are qualified HSA expenses and keep track of HSA expenses in case of an IRS audit. By doing so, you can make the most out of your health care savings accounts while taking care of your health needs.
How to Navigate the FSA Store for Maximum Benefits
To make the most of your FSA Store experience, follow these tips:
- Create an account: Registering an account on the FSA Store website allows you to track your purchases, view your order history, and save your payment information for faster checkouts.
- Use the search bar: Utilize the search bar to find specific products or browse through categories such as "Baby & Mom," "Pain Relief," or "Dental Care" to discover eligible items.
- Check for promotions and discounts: Keep an eye out for special offers, sales, and coupon codes to save even more on your FSA-eligible purchases.
- Review product details: Before adding an item to your cart, read the product description and customer reviews to ensure it meets your needs and expectations.
- Use your FSA card at checkout: When you're ready to complete your purchase, use your FSA debit card as the payment method. This provides quick access to FSA funds without any receipts to submit (Source).
By following these tips, you can efficiently navigate the FSA Store and make the most of your Flexible Spending Account funds while ensuring you're purchasing eligible products and services.
Hero: Innovating Healthcare with Smart Pill Dispensers
In the realm of healthcare, Hero is making waves with its smart pill dispenser. This innovative medication management service is designed to assist users with their medication management routine by dispensing up to 10 different types of medications, including vitamins, multiple times a day to fit your custom prescription schedule (Source). The dispenser is paired with a remote monitoring app, allowing for seamless interaction and real-time updates.
In addition to storing up to a 90-day supply of medications in pill form, the Hero app can also track medications which must be stored outside of the smart pill dispenser, such as liquid forms of medications and medications requiring refrigeration. Up to 10 additional medications can be scheduled and tracked so that you have more comprehensive schedule coverage and know what you took and when.
How Hero Fits into Your Health Savings Strategy
Integrating Hero into your health savings strategy can be a game-changer. With the rising costs of healthcare, utilizing a health savings account (HSA) or flexible spending account (FSA) to pay for out-of-pocket healthcare costs may be a smart move. For instance, pre-tax dollars from your HSA or FSA account can be used to pay for a Hero subscription.
Using Your FSA or HSA Funds for Your Hero Purchase
When it comes to purchasing a Hero device and service subscription, you can use your FSA or HSA funds. These accounts allow you to allocate pre-tax dollars towards qualified medical expenses, such as a Hero subscription. The subscription includes the smart dispenser, a connected app, and access to 24/7 live support. Additionally, Medicare may now cover a Hero subscription as part of Remote Therapeutic Monitoring services, although coinsurance and copays may still apply (Source). By using your FSA or HSA card for these purchases, you're potentially saving on health care costs while investing in a service that can help you design an enhanced plan to further your personal healthcare goals.