Tag: FSA
Understand Your Spending Power: What You Can Buy with Your FSA, HSA, or HRA
Medical expense accounts can help you save on all kinds of healthcare costs. Here are some you may not know about yet. HSA, FSA, and HRA can typically be used for: Medical expenses: Doctor visits, surgeries, prescriptions, dental and vision care, and mental health services. Over-the-counter (OTC) medications: Many OTC medications, including pain relievers, allergy…
Question of the Month: FSAs and FSA Carryovers
Q: What are the time and dollar limits for flexible spending arrangements (FSA) and FSA carryovers? A: For 2024, the most that can be deferred to an FSA is $3,200 (a $150 increase from 2023). The amount of a 2024 FSA balance that can be carried over into 2025 is $640 (up from $610 in 2023). A…
Using a Flexible Spending Account (FSA)
If you have a health plan through a job, you can use a Flexible Spending Account (FSA) to pay for health care costs, like deductibles, copayments, coinsurance, and some drugs. They can lower your taxes. How Flexible Spending Accounts work A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account…