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Flexible Spending Accounts: Use ‘em or Lose ‘em

Dec 02, 2021
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Flexible spending accounts are a common employee benefit but do you know all the ways you can use them?

As December 31st looms closer, a large number of Americans run into the same issue: they have money left in their flexible spending account (FSA). Unfortunately, most FSA and Health Savings Accounts (HSAs) expire at the end of the year. You either use this money or you lose it.

What is an FSA or HSA?

FSAs and HSAs are accounts where money is put aside pre-tax from a paycheck. They are provided by an employer for employee use. However, the funds are restricted to only certain types of purchases.

What can I buy with them?

Sadly, you cannot use these funds to order take out or take a vacation. Most of these types of accounts must be used for healthcare costs and associated health expenses. For example, it can be used for copays at a doctor, prescription medication, and dental costs. Some can even be used for over-the-counter medications like Advil or vitamins.

How can I use this to pay my expenses?

Depending on your plan, there are a few different ways these plans can cover your expenses. The main 2 ways are:

  • Using a debit card linked to your FSA account at the point of purchase. You then later upload the documentation to the FSA’s account portal.
  • You use your own funds and then submit the receipts to the FSA account portal for reimbursement. The FSA then sends you a check for these expenses.

Can I use these funds at your office?

Yes (for most)! Pittsburgh Dental Sleep Medicine provides treatment for sleep apnea and TMJ treatments. Both of these are covered under most FSA and HSAs. Ultimately these are at the discretion of your FSA and HSA. We also help provide all the documentation needed for reimbursement to the plan.

Got funds left to use? Give us a call today at 724-935-6670