A flexible health spending account is offered alongside your employer-provided health insurance as a way to set aside pre-tax dollars to be used for various medical expenses. Many people uses these accounts to pay for dental and vision services, like regular cleanings, eye glasses, or contacts. But there are a wide variety of products and services that these pre-tax dollars can be used for. And since these accounts are governed by the “use it or lose it” rule, meaning that you’ll lose any funds you don’t spend by the end of the year, it’s best to know all the ways in which you can use these funds.
From dental care to dentures, flexible spending account funds can be used for many different medical expenses.
Here are 5 great ways to take advantage of your flexible health spending account:
- Breast pumps and supplies – The cost of breast pumps and the supplies that assist lactation can be covered with flexible account funds.
- Annual physical exam – The amount you pay for an annual physical examination and diagnostic tests by a physician can be covered.
- Eye surgery – Surgery to treat defective vision, such as laser eye surgery or radial keratotomy, can be covered.
- Drug and alcohol addiction treatment – Inpatient’s treatment at a therapeutic center for drug and alcohol addiction, as well as transportation to and from Alcoholics Anonymous meetings in your community (if your attendance has been medically advised) are allowable.
- Medicines – Amounts you pay for prescribed medicines and insulin are allowable.
For a fuller list of qualifying medical expenses, visit the IRS website.
To find a doctor and start taking advantage of this benefit, use the Vitals Doctor Finder.
Source: irs.gov
