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Account-related Frequently Asked Questions (FAQs) for FSAs and HSAs.
What is a Flexible Spending Account (FSA)?
A Flexible Spending Account (FSA) is a benefit account set up by your company that enables you to set away pre-tax funds (up to $2,650 annually, per employer) to pay for qualified medical costs. Customers can save money on certain medical and dental expenses that are covered by their individual plans by using Flexible Spending Accounts. You and any dependents listed on your federal tax return may use your FSA funds to pay for qualifying over-the-counter medicines as well as other medical expenses.
What exactly is an HSA (Health Savings Account)?
You can save pre-tax money (up to $3,450 per individual or $6,900 per family) in a Health Savings Account (HSA), a form of savings account, to pay for qualified medical costs. Only those who have a High Deductible Health Plan (HDHP) are eligible to use an HSA. To find out if your plan qualifies for an HSA, please check with your plan administrator.
How Should I Spend My FSA or HSA Funds?
You can use your FSA/HSA debit card to make purchases utilizing our standard credit/debit card process after enrolling in an FSA or HSA plan.
What items are FSA and HSA eligible on directaidhealth.com?
Most items available for sale on directaidhealth.com are FSA/HSA eligible. Use the legend above to see the eligibility status for each product we sell. If you do not see a status on the product page or you have questions regarding the eligibility of a product, please contact your plan administrator. Please check with your plan administrator to verify that items designated as FSA and HSA eligible at Direct Aid Healthcare are also eligible for reimbursements. For a full list of qualifying healthcare products eligible for FSA and HSA reimbursement, please visit Publication 969 on the IRS website.
How do I pay for FSA and HSA eligible items on directaidhealth.com?
Your FSA/HSA debit card can be used to pay for FSA and HSA-eligible items using our standard credit/debit card procedure.
Are purchases made using FSA and HSA-qualified funds also eligible for Health Reimbursement Account (HRA) plan reimbursement?
Many goods that are eligible for FSA and HSA reimbursement are also eligible for HRA plans. To verify HRA eligibility, please get in touch with your plan administrator.
What will happen to my money if I don't spend every last penny of my FSA funds?
In the calendar year that the plan covers, funds allotted to an FSA may be used to purchase qualified things. While FSA funds must be used entirely in the year in which they are contributed, some plans permit either (1) a carryover of $500 to the following calendar or (2) a grace period of up to two months and fifteen days at the start of the following calendar year to use all unused funds in the account. Please consult your FSA plan agreement or get in touch with your plan administrator for complete information on your plan's unspent money policy.
If I don't spend every penny of my HSA funds, what will happen to my money?
If you do not use all of the funds allotted to your HSA account, they roll over from year to year. Please consult your HSA plan agreement or get in touch with your plan administrator for complete details on the policies outlined in your plan.