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pre-tax payroll dollars to pay for qualified medical expenses,” Rouleau said. “The IRS defines eligible expenses for FSAs, and the list includes a wide variety of medical products and services, including co-pays, costs associated with medical procedures, everyday health and wellness items and much more.”“An FSA is a tax-advantaged spending account that allows eligible employees to set aside money from their pay before taxes to spend on qualified medical expenses,” Rouleau explained.
An FSA is typically managed by a third-party administrator , and FSA holders often have access to keep track of their balances, deadlines and other important FSA information through an online account.Most people think of co-pays, dental visits, elective procedures like Lasik, glasses or contacts when they think of using an FSA,” Rouleau said. “However, an FSA can be used to purchase thousands of everyday healthcare items, so account holders can protect their health and well-being year-round.”
OTC medications are consistently a top seller, too, because these are products that everybody needs and uses, and that they buy on a recurring basis. “Other new, surprisingly eligible items include Byte Aligners, OTC hearing aids, high-tech pain relief devices and wheels, the Aura migraine device, and a podiatry device, to name a few,” Rouleau adds.
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