What is FSA or HSA Eligible?

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What HSAs and FSAs are for

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are both tools that can help you save money on healthcare expenses, but what exactly can you use these accounts for?

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are fantastic resources to help you manage your healthcare costs, but it’s crucial to understand which expenses qualify for these savings accounts. With the rising cost of healthcare, being informed can help you maximize your savings.

How FSAs and HSAs differ

FSAs and HSAs are similar in some ways, but they have key differences. FSAs are offered by employers and allow you to set aside pre-tax dollars to pay for eligible healthcare expenses. HSAs, on the other hand, are available to individuals with high-deductible health plans, and both employers and employees can contribute to them.

Although HSAs and FSAs serve similar purposes in helping individuals save money, there are key distinctions between them. While FSAs are typically provided through an employer and allow employees to contribute pre-tax earnings for medical expenses, HSAs are only available to those enrolled in high-deductible health plans, and both employers and employees can contribute to these accounts.

Common eligible expenses list

So, what expenses are considered FSA or HSA eligible? Here are some common items that you can use these accounts for:

• Prescription medications
• Doctor's visits
• Dental care
• Eye exams and glasses
• Medical equipment
• Mental health services

These are just a few examples of the many expenses that may be covered by FSAs and HSAs. It's essential to check with your plan provider to confirm what expenses are eligible under your specific account.

So, since you’re looking to utilize your FSA or HSA effectively, what expenses are eligible? Below is a list of common items you can purchase using these accounts:

• Prescription medications, including medication refills
• Routine doctor’s visits, including co-pays
• Dental services, such as cleanings and fillings
• Eye exams, glasses, and contact lenses
• Essential medical equipment like crutches and bandages
• Mental health services, which can include therapy sessions

While these are popular expenses covered by FSAs and HSAs, it’s vital to consult your specific plan provider to confirm eligibility for your healthcare expenses. Understanding these details will empower you to make informed decisions about your medical expenditure.