What is a Flexible Spending Account?
A Flexible Spending Account (also called an FSA) is a separate employee benefit plan that allows you to save money for qualified health care expenses: You direct a part of your pay into a special, tax-free account that you can use throughout the year to reimburse yourself for certain eligible out-of-pocket health care expenses.
Use your FSA or lose it !
Money saved in your FSA must be used within a specific period. If you don't use those tax-free dollars within that period you will lose them for good. Once a new period begins only the money accumulated in that new period will be accessible for spending.
Here are a few pointers to keep in mind about FSA's:
- Make sure that you know your enrollment and expiry dates.
- Keep track of your accumulated FSA account value throughout the course of the year.
- Use your FSA pre-tax account prudently so that you don't end up submitting expenses close to the expiry date. The paperwork may not process in time and your reimbursement may not be eligible.
- Always ask your service provider for an invoice or receipt. You will need to submit this for reimbursement.
- When buying contact lenses please remember that cosmetic lenses (such as those that change eye color without vision correction) are not qualified medical expenses and shall not be subject to reimbursement.
Qualified purchases made with Contact Lens King online are FSA eligible. The amounts paid for the purchase of the contact lenses (including shipping and handling) are qualified medical expenses. Purchases of contact lens solutions, supplies, and exams (including fitting) are also qualified expenses.