New to your FSA? We'll help you get acquainted. If you'd like a comprehensive explanation of what a flexible spending account is, head over to What is FSA and HSA? And that's just the beginning! We've got a variety of FSA resources you can check out to make the most of your flex money. For now it's time to tackle how to use your FSA, so follow along as we cover the basics.
Qualify & Contribute
Since FSAs are employer-established plans, self-employed persons do not qualify for one. If your employer does offer an FSA as a benefit plan, you select an amount to be withheld from your pay each pay period and installed into your flex account. This money is tax-free and can be withdrawn even before you've contributed the full amount.
Remember, FSAs are a benefit plan designed to pay for qualified medical expenses. Be sure to consult a list of eligible expenses before you buy.
Spend!
So you're qualified and enroll in your flex benefit program. How do you use your FSA? Your employer will provide a debit, credit, or stored value card. In most cases, these cards are able to substantiate your purchases. However, there are circumstances when you'll be asked to provide a written statement detailing what the expense was, how much you paid, and that the expense hasn't been reimbursed by any other health plan coverage.
Keep in mind, you want to take full advantage of your FSA. Any money you don't spend during the period of coverage will be returned to your employer and recycled back through the FSA program. Fortunately, you can find lists of eligible expenses online, like Last Minute Ideas for Your Flex Spending Dollars, that have all kinds of items you might never have considered to be a qualified medical expense. Prescription glasses and even prescription sunglasses are a popular purchase for those last-minute flex dollars you need to spend.
Now that you know how easy it is to use your FSA, you can spend your flex dollars confidently.
Prescription Sunglasses at SportRx
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