![]() ![]() How does HSA work?Īn individual can enroll in an HSA through their employer-sponsored benefits or on their own, as long as they are enrolled in a qualified high-deductible health plan, according to Romanini. HSAs offer a triple tax advantage: No tax going in, no tax on balance accumulation, no tax when used for eligible expenses. HSA funds roll over from year to year, and can be invested. You must be enrolled in a qualified high-deductible health plan to open an HSA, either on your own or through your employer. “This tax-advantaged account also allows individuals to set aside pre-tax payroll dollars into a special account that can be used throughout the year to pay for IRS-approved healthcare expenses.” What is HSA?Īn HSA is a health savings account,” Itamar Romanini, vice president and general manager of the HSA Store, told The Post. Not to mention, the FSA Store and HSA Store offer the industry’s most comprehensive, searchable eligibility list to make budgeting and spending tax-free dollars simple. “In the past few years, Congress and the IRS have expanded eligibility, giving consumers even more flexibility to use their tax-free health care dollars for everyday health products and services,” Rouleau adds. “If an FSA holder incurs a qualifying medical expense, they can usually use an FSA debit card to access their funds to pay for it, or they can pay for it out of pocket and be reimbursed by submitting a claim after.”Īn FSA is typically managed by a third-party administrator (which can be a company’s human resource department), and FSA holders often have access to keep track of their balances, deadlines and other important FSA information through an online account. “An FSA is a tax-advantaged spending account that allows eligible employees to set aside money from their pay before taxes to spend on qualified medical expenses,” Rouleau explained. “The IRS defines eligible expenses for FSAs, and the list includes a wide variety of medical products and services, including co-pays, costs associated with medical procedures, everyday health and wellness items and much more.” How does FSA work? Pre-tax payroll dollars to pay for qualified medical expenses,” Rouleau said. “An FSA is an employer-sponsored benefit that allows employees to set aside “The FSA Store and HSA Store carry more than 2,500 IRS-eligible products that people buy every day.”Ĭlick to jump to the best FSA & HSA Store items: “You would be surprised at all the ways you can spend your FSA and HSA dollars,” Rachel Rouleau, chief compliance officer at Health E-Commerce, the parent brand to the FSA Store and HSA Store, told the New York Post. We recommend the best items to shop for, too. You’ll be the most brilliant product hunter this year, too, thanks to our two FSA Store and HSA Store experts we turned to for this all-in-one explainer. While 2023 just begun and we’re not thinking about deadlines quite yet, it’s always a good idea to keep use-it-or-lose-it stock-ups on first-aid supplies, OTC medications and more, in mind.Īdditionally, it’s important to understand all the ins and outs of the FSA (flexible spending accounts) and HSA (health savings accounts) programs so you can shop smarter. Sure, we love shopping for gifts and the best deals, but we love spending our hard-earned FSA and HSA dollars even more. We *brewed up* the 25 best gifts for coffee lovers of 2023, from espresso machines to subscriptions Make a splash with these expert-recommended inflatable hot tubs - the R&R your home needs The pink present edit: 27 Barbie-themed gifts to give kids and adults, inspired by the 2023 movie Behold: the 19 best places to pick up quality dinnerware sets in 2023
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