GoodRx allows you to comparison shop for your medications so you can get the best price in your area. If you want to maximize your FSA dollars, you can use your FSA with a free GoodRx coupon to save even more on popular medications. ![]() You can use your FSA to pay for your prescription medications as well as qualified over-the-counter medications such as Tylenol and Tums. Here are a few other FSA-eligible items you can spend your funds on before they expire:Ĭan you use your FSA to pay for medications? You can also use your dollars to pay for everyday items such as contact lenses and acne treatment, as long as they are medically necessary. You can use your FSA funds to pay for deductibles, coinsurance, and copayments but not health insurance premiums. The IRS outlines qualified medical expenses in Publication 502. Your employer is not allowed to offer both a grace period and a carryover option - so if they offer one, they won’t allow you to take advantage of the other benefit.īut if neither of the options are available, make sure you plan ahead to spend your money on FSA-eligible expenses before the end of the year. This gives you extra time – typically 2.5 months – to use the funds in your account before they expire. Some employers may offer a grace period instead. If your employer offers a carryover option, you can use your unused FSA dollars - up to the allowed limit - during the following year. It’s a good idea to talk to your human resources department at work to determine when the funds in your account will expire so you can plan accordingly. You typically have to use the funds in your account within the year that you contributed them, or the funds go back to your employer. If you lose your job or quit and you’ve spent more than you’ve actually contributed to your FSA, your employer can’t recover that amount from you due to the Uniform Coverage Rules for health FSAs. For 2022, you can contribute up to 3,650 for a self-only plan, up to 7,300 for family coverage. ![]() For example, if you elect to contribute $3,000 for the year, you will have access to all $3,000 on January 1, regardless of the amount that has been deducted from your salary at that time. For 2022, you can contribute up to 2,850 to a health care FSA. One benefit of an FSA is that you will have access to your entire annual FSA contribution amount on the first day of the plan year. An FSA is a tax-advantaged account that allows employees to set aside a portion of their paychecks to pay for certain out-of-pocket medical products and services during the year. Since an FSA is an employer-sponsored health benefit, you need to work for an employer that offers this type of account to gain access to it.
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