What is an FSA Eligible Item?
Health Care FSA (HCA)
Eligible expenses for Health Care FSAs are for any out of pocket cost you have for:
- Medical
- Dental
- Orthodontia
- Vision and hearing products or services
To view a list of Health FSA Eligible expenses, click here.
Dependent Care FSA (DCA)
Eligible expenses for Dependent Care FSA’s can be used for any dependent under the age of 13 unless they are physically or mentally incapable of self-care and residing in your home at least half a calendar year.
- Day Care
- Before/After School Programs
- Summer Day Camps
- Babysitter/nannies
To view a list of Dependent Care FSA Eligible expenses, click here.
Is concierge medicine services and fees covered by my FSA?
Unfortunately, this is not a simple “yes” or “no” answer. The IRS states that only fees for medical services performed or obtained can be reimbursed. Any fees paid to retain a “concierge doctor” where no actual services were received are ineligible. At the same time, if a patient receives an actual service from a doctor (i.e., medical visit), the fee for that service is reimbursable provided that the patient has sufficient documentation to substantiate the service. *
For examples and more information on concierge FSA coverage, click here.
How do I know how much to elect for my FSA? Is there a limit to how much I can elect?
When considering how much to elect for your FSA, it is important to consider only expenses that you know for certain you will have during your plan year. With electing an FSA, you will want to carefully choose your election as to not lose any unused funds when the plan year has ended.
Need help calculating how much to elect? Use our FSA Calculator here.
What is Substantiation? Why do I need to submit this?
Substantiation is a detailed receipt or an explanation of activity from an insurance carrier/provider. Due to FSA elections reducing your taxable income, the IRS requires that you spend your FSA funds on eligible expenses only.
When submitting substantiation, you will need to ensure that you provide the following information:
- Provider
- Name of Patient
- Date of Service(s)
- Services Provided
- Out of Pocket Cost
*Information credited from FSAstore.com