Blog Information

• Posted By : Daniel Stewart
• Posted On : Sep 13, 2022
• Views : 111
• Category : General
• Description : A flexible spending account (FSA) is a popular health benefit many employers offer. It's an excellent way for employees to manage healthcare costs and cover those unexpected medical expenses. Most people know to use an FSA in medical emergencies and doctor visits.

Overview

• A flexible spending account (FSA) is a popular health benefit many employers offer. It's an excellent way for employees to manage healthcare costs and cover those unexpected medical expenses. Most people know to use an FSA in medical emergencies and doctor visits.
  
  

  But did you know that these accounts also cover over-the-counter products and those dealing with sexual health?
  
  

  How Does an FSA Work?
  
  

  FSAs are a hands-off alternative to a traditional health savings account (HSA). With an HSA, you manage contributions on your own. That's not the case with an FSA.
  
  

  Flexible spending accounts are employee-owned and usually managed by a third-party administrator. During enrollment, employees choose to have a small amount of pretax income withheld from every paycheck. That amount goes into the FSA. Employees then get a special FSA card to pay for expenses. They can also get reimbursed if the card isn't available.
  
  

  There are pros and cons to using an FSA. These accounts offer less control and don't roll over into the following year. But the hands-off nature of an FSA makes it appealing to many individuals looking to simplify their healthcare costs.
  
  

  FSA and Contraceptives
  
  

  Now that we've answered "how does an FSA work," let's talk expenses.
  
  

  FSAs cover more than most people realize. You can use them on a wide range of prescribed and over-the-counter products. It's not just medical procedures or treatments. If you would like to know about how does an FSA work, visit this website.
  
  

  The IRS considers many things to be qualifying medical expenses. That includes contraceptives and other sexual health products.
  
  

  You're free to use your FSA to pay for ongoing birth control and even emergency contraceptives like the morning-after pill. The FSA will also cover contraceptive procedures like sterilization. You can even use it to head to your local drug store and buy condoms!
  
  

  Using Your FSA to Its Full Potential
  
  

  FSAs are a valuable employee benefit you should use as often as possible. Most FSAs don't roll over or offer refunds on the amount you contributed during the year. So why not use it for contraceptives and other qualified medical expenses?
  
  

  Read a similar article about personal financial goals here at this page.