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The FSA Eligibility List is a list of tens of thousands of medical items that have been determined to be qualified expenses for flexible spending accounts in the United States. The U.S. Internal Revenue Service outlines eligible product categories in its published guidelines. [ 1 ]
The most common type of flexible spending account, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA) or a health reimbursement account (HRA). However, while HSAs and HRAs are almost exclusively used as components of a consumer-driven health care plan, medical FSAs are commonly offered with ...
The IRS provides a complete list of eligible expenses, and your plan administrator can confirm which items qualify under your specific FSA. Numerous retailers make it convenient to spend remaining ...
The FSA is an employer-sponsored account that allows employees to set aside up to $2,850 in pretax money. When the money is used for eligible expenses, the expense will be tax-free.
Withdrawals are tax-free if used for qualified healthcare expenses. If, however, you withdraw funds for a non-qualifying expense, you will have to pay income taxes on the withdrawal and pay a 20 ...
An FSA is an account that you — and possibly your employer — put pretax funds into to pay for qualifying medical and dental expenses for you, your spouse and any dependents.