If you have a health plan through a job, you can use a Flexible Spending Account FSA to pay for copayments, deductibles, some drugs, and some other health care costs. Using an FSA can reduce your taxes. A Flexible Spending Account also known as a flexible spending arrangement is a special account you put money into that you use to pay for certain out-of-pocket health care costs.
You generally must use the money in an FSA within the plan year. But your employer may offer one of 2 options:. Your employer can offer either one of these options but not both. At the end of the year or grace period, you lose any money left over in your FSA. So it's important to plan carefully and not put more money in your FSA than you think you'll spend within a year on things like copayments, coinsurance, drugs, and other allowed health care costs.
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Sorry, that mobile phone number is invalid. Re-enroll or change plans. More Details If You. Does your business qualify for SHOP? How to renew or change your SHOP coverage. What is an FSA? You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums.
You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor's prescription. Reimbursements for insulin are allowed without a prescription. FSAs may also be used to cover costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.
See a list of generally permitted medical and dental expenses. But your employer may offer one of 2 options: Your information contains error s: Please select a topic. Please enter your email address. What would you like to get updates about? Health insurance for small businesses.More...