ANSI Z308.1-2015 Standard Minimum Requirements  Workplace First Aid Kits and Supplies - Buy new ANSI Kits
ANSI Z308.1-2015 Standard Minimum Requirements Workplace First Aid Kits and Supplies - Buy new ANSI Kits

Pre-Tax Spending Using your Flexible Spending Account (FSA) $ave on Items you need!

Questions? Call (800) 933-8495

What is a Flexible Spending Account?
What Qualifies for FSA Spending?

Here are some answers:

Flexible Spending Accounts / Flexible Savings Accounts (FSA): A Flexible Spending Arrangement (FSA), or Flexible Spending Account, as they are commonly called, is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings.

While many individuals use these Tax Free Dollars for Gift Giving and Pre-Tax Holiday Shopping, the intent of FSA Spending is to purchase these items for yourself or your Dependents.

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More answers:
The most common FSA, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA) or a health reimbursement account (HRA). However, while HSAs and HRAs are almost exclusively used as components of a consumer driven health care plan, medical FSAs are commonly offered with more traditional health plans as well. An FSA may be utilized by paper claims or an FSA debit card also known as a Flexcard.

A Flexible Spending Account (also called an FSA) offers a way to save money for qualified expenses: You direct a part of your pay into a special, tax-free account that you use to reimburse yourself for eligible out-of-pocket health care, dependent care and transportation expenses. A Flexible Spending Account (FSA) allows consumers to deduct pre-tax dollars from their paychecks and deposit those funds in employer-sponsored accounts to pay for medical expenses - including over-the-counter, prescription, and vision health essentials. Consumers then submit expense receipts to healthcare administrators for reimbursement. As a rule of thumb, any product that is FSA-eligible is also HSA-eligible.

Use It or LOSE It:

Most FSA's require that you use the FSA funds during the calendar year or lose the Tax Savings. Some will allow you to "back-pedal" as you can with some IRA contributions, and spend the funds through April 15 for credit in the previous calendar year. Either way, you will want to be sure to keep track of you fund usage so that you don't take a "Hit" at year end.

Over-The-Counter (Non-Prescription) Items:

Over-the-counter health products are reimbursable if they are used to alleviate or treat personal injuries or sickness and are generally accepted as falling within the category of medicine or drugs. Examples include:

Note: Although the IRS sets guidelines for FSA programs, individual employers have the final determination of which expenses are covered by their FSA programs. For more information about Flexible Spending Accounts (FSAs), contact your employer.

A Flexible Spending Account, or FSA, is a special account that allows you to set aside part of your pre-tax wages to pay for certain healthcare expenses for you and your family. Eligible expenses include prescriptions, contact lenses and over-the-counter products.

How will an FSA save me money? Because the money you contribute to a flexible spending account is taken out of your paycheck before taxes are taken out, you lower your taxable income, so you'll pay less during tax time! You are allowed to use these pre-tax funds to pay for qualified healthcare expenses that are not covered by your health plan, such as doctor visit co-pays, deductibles, prescriptions, dental and vision care expenses, and more!

THAT really Qualifies for Pre-Tax Spending with my FSA funds? In addition to standard healthcare expenses, you can buy aspirin, cough medicine, allergy medication, antacids and many other things that you typically keep on hand for treating what ails you! First Aid Kits Qualify! Click here for items that QUALIFY FOR PRE-TAX FSA SPENDING.

How do I pay with my FSA funds? You can buy First Aid Kits, aspirin, cough medicine, allergy medication, antacids and many other things that you typically keep on hand or as gifts for yourself and your dependents online here FirstAidProduct.com You will receive a detailed receipt via email upon checkout, as well as a detailed packing slip upon product delivery - Submit these via your Company Policy to your FSA or HSA Administrator for reimbursement from your pre-tax funds for your purchases! Click here for items that QUALIFY FOR PRE-TAX FSA SPENDING. Also...if you like, we are happy to run you a Year-End report of your FSA qualifying expenditures made FirstAidProduct.com How easy is THAT?

*Your specific savings will depend on your personal circumstances, such as your income, how much you contribute into the FSA, your health, etc. Generally, participants save 15% - 30% on eligible items purchased using their FSA dollars. Source: fsaandyou.com


DO THESE ITEMS QUALIFY FOR FSA SPENDING? YES!

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
In order for an expense to be eligible under a health FSA, the expense must be for medical care. Medical care is defined as “for the diagnosis, cure, mitigation, treatment, or prevention of disease or for the purpose of affecting any structure of function of the body….” This type of medical expense would qualify as it is considered for the treatment and prevention of disease.


Expense:
Antacids

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Expense:
Antihistamines

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):


Expense:
Aspirin

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Expense:
Bandages

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
Bandages are considered medical care under.


Expense:
Cold Medicines

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
Prescription and legal non-prescription drugs to treat a medical condition are eligible. The drug must be legal under federal law and generally not for a cosmetic purpose. For prescription medications, the Prescription name and RX number are required on the receipt.


Expense:
Ear Plugs

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
Ear Plugs are reimbursable if prescribed by a physician for a specific medical condition. A medical practitioner's note outlining what the specific medical condition is that exists would be required.


Expense:
Eye Drops

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Expense:
First Aid Kits

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Expense:
Medicines

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
Prescription and legal non-prescription drugs to treat a medical condition are eligible. The drug must be legal under federal law and generally not for a cosmetic purpose. For prescription medications, the Prescription name and RX number are required on the receipt.


Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Expense:
Oxygen

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
Oxygen, including the expense for the oxygen, and the equipment required for breathing problems caused by a medical condition is reimbursable.


Expense:
Pain relievers

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
Examples include but are not limited to acetaminophen, Ibuprofen, naproxen


Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
N/A


Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
Items must be purchased specifically to aid in the healing of or treatment of a medical illness and not for personal comfort reasons. Examples include, but are not limited to, bandages, gauze, alcohol swabs, etc.


Expense:
Sunscreens

Reimbursable:
Under Certain Conditions

Explanation and Conditions (Dr's Note Required?):
Sunscreen with a high SPF (i.e. 30 or 45) may be reimbursable under a health FSA as it is generally used to prevent sunburns. Face lotions that contain a small amount of SPF sunscreen will not qualify and it would generally be considered a toiletry or cosmetic.


Expense:
Thermometer

Reimbursable:
Yes

Explanation and Conditions (Dr's Note Required?):
The cost of a thermometer will qualify as reimbursable under a health FSA since this expense is used to diagnose a medical condition to determine if an individual has a fever.


The above is an excerpt from a list of common medical expenses and whether or not they are eligible for reimbursement under Paychex Section 125 plans ("Plan"). This is not an exhaustive list. Paychex reserves the right to modify this list at any time to be in compliance with federal law. Paychex, along with the Plan Administrator, may deem it necessary to render decisions based on the facts and circumstances of certain individual claims an in accordance with the provisions of the Plan.

Note: As outlined below, some expenses require a note from a medical practitioner outlining the specific medical condition(s) that exist for each individual item, and that the item(s) that the participant is requesting to be reimbursed is medically necessary to treat the condition. This is to substantiate the expense as eligible under the health FSA


FROM THE IRS: Sept. 3, 2003

WASHINGTON — Today, the Treasury Department and the IRS announced over-the-counter drugs can be paid for with pre-tax dollars through health care flexible spending accounts. Treasury and IRS issued guidance clarifying that reimbursements for nonprescription drugs by an employer health plan are excluded from income. Thus, reimbursements by health flexible spending arrangements (FSAs) and other employer health plans for the cost of over-the-counter drugs available without prescription are not subject to tax if properly substantiated by the employee.

"Flexible Spending Accounts are an important tool in helping people meet their health care costs," stated Treasury Secretary John Snow. "Since many prescription drugs have moved to the over-the-counter market, this action today makes paying for them a little bit easier to swallow."

“Flexible Spending Accounts were established under the tax code to provide incentives for better health care,” said IRS Commissioner Mark W. Everson. “This action is a sensible expansion and simplification of the program consistent with existing law.”

Drugs are increasingly becoming available over-the-counter without prescription. Many health plans no longer cover the cost of these drugs as over-the-counter. While an over-the-counter drug is less expensive than the prescription drug, the cost to many consumers increases because the price paid by the consumer for the over-the-counter drug is greater than the co-payment by the consumer when the drug was covered by insurance. This is especially an issue for individuals who remedy chronic health problems by regularly taking an over-the-counter medicine.

Revenue Ruling 2003-102 explains that the statutory exclusion for reimbursements of employee health expenses is broader than the itemized deduction for medical expenses (which does not apply to nonprescription drugs). Thus, the guidance clarifies that employer reimbursements of employee health expenses that are nonprescription drugs, including reimbursements through health FSAs and Health Reimbursement Arrangements (HRAs), are excluded from income like other employer reimbursements of employee health expenses. This will result in savings to consumers with access to employer plans who may purchase nonprescription drugs.

However, for purposes of the itemized medical expenses deduction, the cost of such over-the-counter drugs continues to be non-deductible. In addition, the cost of dietary supplements that are merely beneficial to the employee's health are not excluded from income.

Rev. Rul. 2003-102 will be published in Internal Revenue Bulletin 2003-38, dated Sept. 22, 2003. Related Item: Rev. Rul. 2003-102 (PDF 46K)


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What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) allows individuals and/or employers to contribute pretax dollars to pay for medical expenses - including over-the-counter, prescription, and vision health essentials - not covered by insurance policies. Unlike a Flexible Spending Account (FSA), unused funds do not disappear at year-end. HSA dollars roll-over year-over-year, which means that account holders build up balances to pay for medical expenses.

Account holders submit expense deductions on Schedule A, Form 1040 to the IRS. For more information on submitting deductions, go to the Internal Revenue Service Website.


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