Frequently Asked Questions
What does "FSA" stand for?
FSA stands for a Flexible Spending Account (also referred to as a Flexible Spending Arrangement) that is a special employee benefit often offered through your health plan with work. An FSA is a unique type of account which allows you to contribute money from your paycheck without having to pay taxes on it. You then use the tax-free money from the account to pay for out-of-pocket healthcare expenses like, co-pays, OTC drugs, non-covered medical equipment, etc. A flexible spending account is beneficial because it allows you to save an amount that is equal to the amount of taxes that you would have paid on the income you put into the account. Putting money into a FSA can save employees as much as 40% on every dollar placed into the account which is then available to spend on qualified products.
What does "HSA" stand for?
HSA stands for Health Savings Account. This is different from an FSA because only individuals with high-deductible health plans can sign up for it. For 2019, the IRS defines a high deductible as $1,350 or more for an individual and $2,700 or more for the family. An HSA offers some of the same benefits as an FSA, like pre-tax savings to spend on out-of-pocket healthcare costs. The difference is that an HSA is not subject to the "use it or lose it" rule that FSAs have.
How do I pay for items with my FSA?
Paying for FSA eligible expenses has never been easier. Your employer will provide you with a special FSA debit card that will give you access to the total amount you elected to contribute. You can use this convenient debit card to pay for FSA eligible products right away, not have to pay up front, wait for reimbursement, or even submit receipts. However it is important to only use the card on FSA eligible expenses because if you do not you will end up having to pay them money back for in-eligible expenses. FSAmarket.com solves this problem for you by selling only FSA eligible products on our website so you never have to guess. We boast the most competitive pricing on FSA items which will allow your tax-free dollars to go that much further.
What if I want to pay with my credit card to get points?
If you do not have your FSA debit card with you or prefer to use a credit card for purchases (to get those points) you can and then submit your purchase to your Benefit Administrator (BA) of reimbursement. Reimbursement requirements may vary slightly from BA to BA so make sure to check with them but generally you just need to submit a copy of an itemized receipt with the date, amount, and item purchased along with their specified claim form. FSAmarket.com makes things easier for everyone by taking all of the guess work out of wondering if something is FSA eligible or not by selling only FSA reimbursable items. For over-the-counter medicine and products that have an active ingredient in it require a prescription from a physician to submit with your claim in order to be reimbursed. It is highly advised that you obtain the prescription prior to purchasing the item so that you can ensure you will be reimbursed.
Do I need to pay with a FSA debit card?
If your employer provides you with a FSA debit card then it makes purchasing items on the FSA market easy as can be! Since all products are FSA eligible you don’t have to submit for and wait on reimbursement from your benefit administrator. However, if you were not provided with a FSA debit card you can simply pay with any major credit card. It is important to save all of your receipts for FSA eligible purchases so that you can submit them to your benefits administrator for reimbursement. Typically your benefits administrator will provide you with some simple paperwork to fill out as well.
FSA eligible over-the-counter medications with active medical ingredients require a prescription, so you will need to pay with a credit card and submit the purchase to your benefits administrator for reimbursement along with any required paperwork and the prescription from your doctor. We clearly identify all products that require a prescription on our site and will not allow you to purchase them with your FSA card. Even if you don’t have a FSA you can shop at FSAmarket.com with any major credit card and experience the same great savings!
How do I know if a product is FSA or HSA eligible?
If you walked into a store it would be very difficult to know what is FSA eligible and you could potentially risk having to pay back purchases of non-eligible items. FSAmarket.com solves this problem for you by only carrying FSA eligible products, in fact there are probably many items that you never knew were FSA eligible! We are a member of SIGIS, the governing body for FSA purchases, and we have implemented their IIAS standards for our Inventory Information Approval System which allows us to ensure we are selling only FSA eligible products. Because we carry only FSA and HSA eligible products you are able to use your FSA or HSA debit card to purchase items with instantaneous approval on products all from the convenience of our website without ever having to leave home. If you have any questions about whether certain items are eligible or if you have a limited FSA plan please check with your benefit administrator for clarification.
What is a Benefits Administrator and how do I get in contact with mine?
Benefits administrators are human resource (HR) professionals who are responsible for overseeing the operations of group benefits programs including FSA and HSA plans. They should be able to research your specific employee benefit plans and identify vendors who can provide the most value and savings like FSAmarket.com. Benefit administrators can provide you answers to questions you may have about your individual FSA, tell you how much money is left in your FSA, advise you what is eligible, how to get reimbursed, and provide you with any forms they may require for reimbursement on over-the-counter FSA items that require a prescription. Your employer will be able to provide you with all of your benefits administrator’s contact information.
Are there limits to how much I can put in my FSA account?
At the beginning of each plan year you are able to designate how much of your income you want deducted from payroll to be deposited into your FSA. Your employer will deduct money from every pay period but you will have access to the full amount you elected for your FSA right away. The IRS sets limits on how much you can contribute to your FSA and it is currently (2019) limited to $2,700 per year per employee. Let us help you stretch out your flexible spending account by offering you with the best pricing on FSA items anywhere online, with lots of different sales and ways to save!
What happens to the money in my FSA at the end of the plan year?
It’s important that you budget enough money for your FSA in order to take care of all non-insurance covered expenses so that all of those payments can be made with tax-free dollars from your FSA account. We have thousands of products to choose from, every one of them FSA eligible, that you can use your FSA debit card to purchase. Depending on how your employer structures your FSA you may or may not qualify for a two and a half month grace period after the end date of your plan year. During the grace period you can still make purchases with your FSA debit card but per the IRS at the end of the grace period any remaining funds in your FSA will be forfeited, coining the term the "use-it-or-lose-it" rule.
*Please note that all advice provided is for general information. It is suggested that you contact your FSA benefit administrator for the most accurate information on your own FSA account.