If you have an HRA or FSA, your employer’s plan may only reimburse a subset of expenses. Please refer to your Plan Document for confirmation of reimbursable expenses under your plan. If you are currently participating in a High Deductible Health Plan (HDHP) and are contributing to an HSA...
If you don’t have an account but do pay a fair amount of out-of-pocket medical expenses, it may be worth doing some exploring. To start you off, some definitions from theIRS’ publication 969, Health Savings Accounts and Other Tax-Favored Health Plans: FSA A healthflexible sp...
If you want to save for medical expenses and reduce your taxable income at the same time, you may benefit from a Health Savings Account. Before you sign up, however, it’s important to understand that the money in these accounts may only be used for HSA qualified expenses. If you spend...
including copayments for doctor's office visits, prescriptions, and lab work. Employers may narrow the list of eligible expenses but not expand it and employees must provide proof of their actual medical costs to receive reimbursement.
For people who have experience with FSAs (flexible spending accounts), the concept is very similar. FSAs, designed to offset health and dependent care expenses, are sometimes made available through employer-sponsored benefit programs. The main difference is that funds contributed to an FSA “expire...