Everything You Need To Know About HSA and FSA Cards!


Use Your Benefits Before You Lose Them!

What are HSA and FSA Cards?

HSA and FSA cards are sometimes provided by companies to help their employees with their health needs. Many people have these benefits afforded to them and don’t use them or worse, don’t even know they have them! Don’t fall into this category, learn how you can use these benefits today!

What is a Health Saving Account (HSA)?

HSA stands for Health Saving Account. These are tax-advantaged medical savings accounts for individuals with high deductible plans. The individual who has an HSA account can use these funds for covered health and fitness services. Services covered include physical therapy, and recovery services that are medically necessary. Most HSA plans have the ability to roll over year by year. Be sure to find out if your plan has this ability before the year ends. Advantages of having an HSA plan include:

  • Contributions to your HSA can be made with pre-tax dollars, which reduces your taxable income.
  • Any after-tax contributions that you make to your HSA are tax deductible.
  • HSA funds earn interest tax free** and when used for IRS-qualified medical expenses are also free from tax.

What is a Flexible Spending Account (FSA)? 

FSA stands for Flexible Spending Account. This account is set up in alongside your insurance plan. An individual with an FSA can choose to have pre-tax dollars from your paycheck routed into this account. The money in this account can be used to pay for certain medical expenses such as physical therapy, and sports massages. The biggest benefit of a flexible spending account is that it can reduce how much you pay in taxes! You don’t pay taxes on the money that is deposited into this account out of your paycheck. For the individual who knows they will spend this money on their health anyway, they will lower their tax burden!

With FSA cards you must be aware that they are use it or lose it! Whatever funds you have in your FSA at the end of the year do not roll over into the next year! Don’t get caught slipping with extra funds left in this account, make sure to use these before they are taken from you. 

Where can I use my HSA or FSA cards?

Here are some eligible medical services that you can use your HSA and FSA card for:

  • Payments to doctors, hospitals and other health care providers that are part of your copay or deductible
  • Any medication that is backed by a doctor’s prescription, including over-the-counter meds
  • Insulin, even without a prescription
  • Necessary medical equipment such as crutches or walkers
  • Diagnostic devices such as glucose monitors or blood pressure cuffs
  • Supplies such as bandages
  • Vision care, including eyeglasses or contact lenses

Now you know about your options when it comes to HSA and FSA cards! 2019 is coming to an end, make sure that you take advantage of these tax free dollars (especially if you have an FSA card)! If you have any further questions on how you can use these benefits here at Fit Club, give us a call today 646-875-8348! Our team is here to help make sure you understand your benefits. We look forward to helping you out this holiday season!

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