It’s important to note that HSA and FSA funds can only be used for eligible healthcare items. If you’re unsure which items qualify, we recommend contacting your plan administrator for a complete list of eligible expenses. Additionally, some HSA or FSA cards may need to be registered as a credit card before they can be used for online purchases, so be sure to check with your card issuer if you encounter any issues during checkout.

What is a Letter of Medical Necessity?
In order to determine whether certain products or services are legitimate expenses for treating, mitigating, or preventing a diagnosed medical condition, HSA/FSA plan administrators often require a letter from a licensed practitioner. This letter is called a “Letter of Medical Necessity.” (LMN).

How does using my HSA/FSA account save me money?
HSA/FSA accounts were created so individuals could use pre-tax money to pay for expenses used to treat, mitigate, or prevent a diagnosed medical condition. Because HSA/FSAs use pre-tax money, you’re getting more purchasing power for your dollars. Rather than pay taxes on income and then spend it on health items, qualified customers can use pre-tax funds to invest in their health.

An individual can contribute up to $3,850 pretax to their HSA per year, or $7,750 for a family (plus an additional $1,000 if you are at least 55 years old Individuals can contribute up to $3,050 pretax to their FSA per year (with an additional $500 in employer contributions allowed). Almost every qualified individual will save between $1,000 and $2,000, depending on their state and tax rate.

What is the difference in FSA and HSA benefits?
FSAs don’t require you to buy a specific health insurance plan to open an account, but it must be offered through an employer-offered benefit program. If you have a Healthcare FSA, you can use it for eligible medical expenses not covered by your health plan. Funds expire year-end. HSAs are a tax-advantaged bank account you own to pay for eligible healthcare expenses or to save toward retirement. You can take it with you if you change jobs or switch high-deductible health plans and at age 65, you can use the funds for any purpose without a penalty.

View Comparision Between FSA and HSA Benefits

What is an FSA?
A Flexible Spending Account (FSA) is an employer-established benefit account allowing you to set aside pre-tax dollars to cover eligible medical expenses. Flexible Spending Accounts enable customers to save money on certain medical and dental costs covered by their respective plans. Your FSA dollars can be used to cover medical costs, including eligible over-the-counter (OTC) healthcare products, for you and any dependents claimed on your federal tax return.

Do my FSA funds expire?
Generally, funds placed in an FSA account can be used for eligible expenses incurred during a one-year period, and unspent amounts are forfeited. Contact your FSA plan administrator or employer for more information. Make sure you know when your plan deadline is to ensure you purchase eligible items in advance of your plan deadline.

What is an HSA?
A Health Savings Account (HSA) is a bank account you own to pay for eligible health care expenses or you can use it to save toward retirement. An HSA is offered with a qualified high-deductible health plan (HDHP) which typically has lower premiums/plan contributions and higher deductibles than a traditional health plan. If you have a health plan through your employer, the account is opened through the HSA provider chosen by your employer. You, your employer, and others can put money into your HSA up to a certain yearly limit set by the IRS guidelines. The balance on these accounts roll over each year.

Do my HSA funds expire?
Funds allocated to an HSA account roll over year to year if you do not spend them fully. For full details on your plan’s policy, please refer to your HSA plan agreement or contact your plan administrator.

What is an HRA?
A Health Reimbursement Account (HRA) is a fund of money in an account that your employer owns and contributes to. HRAs are only available to employees who receive health care coverage from an employer. They are designed to pay for or reimburse medical expenses that your health insurance coverage typically doesn't cover.

Whose healthcare products can I pay for?
Generally, FSA and HSA cards can be used to pay for eligible health care expenses of the cardholder, the cardholder's spouse, and the cardholder’s children or tax dependents. Please check with your employer or plan administrator in case your plan has other restrictions.