Question: Which of these expenses are eligible to be purchased with Health Care Flexible Spending Account (FSA) funds?
A. Orthodontia
B. LASIK surgery
C. Band-aids and sunscreen
D. Over-the-counter medications
E. All of the above
All of the above! An FSA offers an easy way to save money on items and services you’d likely purchase already.
An FSA offers an easy way to save money on items and services you likely purchase already.
How? All the funds that you contribute to your FSA are made on a pre-tax basis. That means each dollar you contribute is tax-deductible, for a potential savings of up to $570 annually (actual savings will depend on your taxable income and tax status).*
Eligible expenses
Health Care FSA funds can be used for many out-of-pocket health care-related expenses not paid for by the health plan, like your co-payments, deductibles and coinsurance.
And as you read above, Health Care FSA funds can be used on more items than you may think. Orthodontia, LASIK surgery, Band-aids, sunscreen, medications, and even things like muscle pain relief devices, 23andMe Health Service (does not include ancestry reports) and prescription sunglasses.
Check out these resources to browse FSA-eligible expenses:
You can either pay for these expenses using your Health Care FSA debit card (which you’ll receive in early January after you enroll in an FSA for the first time), or you can pay out of pocket and request reimbursement. As an additional option, HealthEquity, our FSA administrator, can pay certain medical, dental and vision providers directly.
Enrollment
The annual Open Enrollment period is your opportunity to enroll in an FSA (this year, that’s Oct. 21 through Nov. 8!). During this time, you not only elect your medical, dental and vision benefits for the following year, but also FSA contributions. Just a reminder that FSA contributions from the previous year don’t roll over.
For 2025, the minimum Health Care FSA contribution is $250 and the maximum is $3,300. You can manage your account through HealthEquity.
Stay tuned for more information about Open Enrollment over the coming days and weeks.
And be sure to note: outside of this annual period, the only other time you can elect or change your FSA contributions is if you have a qualified family status change, like a change in marriage status or number of dependents. All new hires have the opportunity to enroll in an FSA within the first 30 days of employment.
*Consult your tax advisor if you have specific questions about your situation.