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Sometimes referred to as a cafeteria plan,
flex plan or a Section 125 plan, a Flexible Spending Account (FSA) lets you
set aside a certain amount of your paycheck into an account — before paying
income taxes.
During the year, participants have access to this account for
reimbursement of expenses that insurance does not cover.
For example:
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Deductibles, co-pays and other eligible expenses
not covered by insurance. |
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Prescription drugs and medical supplies. |
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Over-the-counter drugs that are medically
necessary like allergy medications, aspirin or antacids.
Prescription (Rx) required as of 1/1/2011. |
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Dietary supplements and vitamins with doctor's
letter of medical necessity. |
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Dental services, orthodontics and dentures. |
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Eyeglasses, contacts, solutions and eye surgery. |
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Weight-loss programs with a doctor's letter of medical necessity. |
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Weight-loss over-the-counter drugs. Prescription (Rx) required as of 1/1/2011. |
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Chiropractic services. |
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Vitamins with doctor's letter of medical
necessity. |
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Psychiatric care and psychologist's fees. |
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Smoking-cessation programs. |
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Smoking cessation over-the-counter drugs. Prescription (Rx) required as of 1/1/2011. |
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Adult and child day care services. |
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Adoption expenses. |
When you use tax-free dollars to pay for these
expenses, you realize an increase in your spending power, and substantial
tax savings.
Plan restrictions may apply. Check with your plan administrator.
Click here
for a list of additional expenses that qualify for reimbursement. |