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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 ]
Another FSA feature that was introduced in 2003, is the ability to pay for over-the-counter (OTC) drugs and medical items. [22] In addition to substantially expanding the range of "FSA-eligible" purchases, adding OTC items made it easier to "spend down" medical FSAs at year-end to avoid the "use it or lose it" rule.
If an FSA debit card is presented for payment, the scanner or shopping cart will charge the card, but for no more than the "FSA-eligible" total. If there are other items in the order (or if the FSA debit card did not pay for all eligible items), the scanner or shopping cart then demands another form of payment, such as cash, check, credit card ...
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 ...
A flexible spending account (FSA) is a tax-advantaged way to pay for medical costs, including services and health-related items. One downside of these accounts is that they are "use it or lose it
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.