Flexible Spending Accounts

What is a Flexible Spending Account or FSA

Often referred to as "Section 125 plan", "Cafeteria Plan" or "FSA account/plan" is a special program originated by the IRS that enables employees to set-aside money pretax from their gross payroll for certain expenses, such as health insurance, child care, and unreimbursed medical expenses.

Because the money you contribute to a flexible spending account is taken out of your paycheck before taxes are taken out, you lower your taxable income, so you'll pay less during tax time! You are allowed to use these pre-tax funds to pay for qualified healthcare expenses that are not covered by your health plan, such as doctor visit co-pays, deductibles, prescriptions, dental and vision care expenses, and more! Plus, recent interpretation by the IRS now allows for over-the-counter drugs, such as aspirin, cough medicine, allergy medication, antacids to be eligible.

Throughout www.familymeds.com, we have identified items that "may be eligible for payment by your flexible spending account." However, coverage and eligibility may vary, so be sure to contact your employer health benefits administrator for more details. A helpful rule is to consider "may I medically need this?" Items such as Claritin and Prilosec for acid reduction may be properly reimbursed. Even items such as cough syrup and nasal decongestants may be submitted. Other items however, such as teeth whitening strips, massage oils, and hair re-growth products may NOT be eligible. Again, please contact your employer health benefits administrator for more details on Flexible Spending Accounts.

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