Flexible Spending Accounts
Flexible spending accounts are one way to save money related to health care and high-deductible plans. A Flexible Spending Account (also known as a flexible spending arrangement) is a special account where you can put money into, and use it to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside. Cancer patients who have side-effects of cancer treatment can submit the receipts of the products for reimbursement from the FSA broker.
For more information on eligible health care expenses, refer to IRS Publications 502 and 969. You can also find them at www.irs.gov . Publication 502 can help you determine your health care expenses for Schedule A tax deductions. There are a few differences between this publication and your employer’s plan. Publication 969 includes information on what’s eligible for an FSA, HRA, and HSA. Here are some distinctions for FSAs, HRAs, and HSAs that are different from what Publication 502 states.
Expenses are incurred when you receive the medical care and not when you are formally billed or charged, or pay, for medical care.
Insurance premiums of any type are not eligible expenses under an FSA.
OTC drugs and medicines are eligible expenses only with a written prescription from your healthcare provider.
Certain OTC products and supplies are eligible expenses without a prescription.
All of the products available on this site are eligible for reimbursement. In some cases, we may need to provide patients with a letter of medical necessity. Please contact us if that is the case because an in-person consultation may be necessary.