by daziumdesign@gmail.com | Sep 13, 2021
Both HSAs and FSAs allow you to pay for qualified medical expenses with pre-tax dollars. One key difference, however, is that HSA balances can roll over from year to year, while FSA money left unspent at the end of the year or after a designated grace period is forfeited. You may choose to use a Limited Purpose FSA to pay for eligible heath care expenses and save your HSA dollars for future health care needs. You may use Limited Purpose FSA dollars to reimburse yourself for expenses not covered by your high-deductible health plan, such as:
- Vision expenses, including: Glasses, frames, contacts, prescription sunglasses, goggles, vision co-payments, optometrists or ophthalmologist fees, and corrective eye surgery
- Dental expenses, including: Dental care, deductibles and co-payments, braces, x-rays, fillings, and dentures
by daziumdesign@gmail.com | Sep 8, 2021
Any new plan year funds will pay first and the carryover funds will pay second. Employees get the best use of their funds by having the new plan year pay first, and the carryover funds pay second.
by daziumdesign@gmail.com | Sep 8, 2021
- Dependent under the age of 13; or
- Dependent or spouse of employee who is mentally or physically disabled and whom the employee claims as a dependent on his or her Federal Income Tax return.
by daziumdesign@gmail.com | Sep 8, 2021
You have until the end of the run-out period to submit claims for the reimbursement of eligible expenses incurred during the previous plan year. Funds that remain unused after the run-out period would return back to your employer.
by daziumdesign@gmail.com | Sep 8, 2021
An HRA is a reimbursement account set up and funded by your employer to cover eligible healthcare expenses as defined in the HRA Summary Plan Document. Unlike a healthcare FSA where the IRS defines the eligible services, your employer defines the services eligible for reimbursement from an HRA. Typically, an employer will reimburse deductible, coinsurance and copay expenses from your HRA but not services such as medical, dental or over the counter drugs. An HRA can also cover all or a portion of your prescription drug expenses. Check your employer’s HRA Summary Plan Document to see what types of services are covered under the HRA being offered by your employer.
