Healthcare Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are great tools for managing healthcare spending. Both accounts allow you to set aside before-tax dollars to help you save money for eligible healthcare expenses, and they help lower your taxable income through before-tax contributions.* And don’t forget, if you’re enrolled in the HSA Plus medical plan, JCPenney also contributes to your HSA account.
You probably already know that you can use the money in your FSA or HSA to help you pay for qualified healthcare expenses, like doctor’s office visits, health screenings, prescriptions, dental and vision expenses for you and your eligible spouse and dependents, but there are more ways to maximize your HSA and FSA spending power.
Additional Little-Known Eligible Expenses
While there is a long list of eligible expenses, you can take advantage of many other qualifying products and services. Here are just a few examples:
- Over-the-counter (OTC) medications and products: Many regularly used products are HSA and FSA eligible like pain relievers, allergy medications, first aid supplies, and menstrual accessories, such as tampons and pads.
- Family planning: You can use your account to plan for or prevent pregnancy, including costs for birth control, condoms, pregnancy tests, and fertility treatments.
- Prenatal, postpartum, and baby supplies: To help offset the costs of welcoming a baby, FSAs and HSAs can be used to pay for prenatal care like vitamins, childbirth classes, breastfeeding supplies (e.g., breast pumps, nursing and breast milk storage supplies, and nursing bras), first aid items, and more.
- Mental health treatment: Therapy to treat mental health conditions like depression is HSA or FSA eligible. However, non-medical or mental healthcare treatment like marriage or family counseling are not eligible expenses.
- Wellness treatment: Some physical and mental well-being treatments are reimbursable, such as medical treatment for drug or alcohol addiction, smoking cessation programs and products, and doctor-prescribed weight-loss programs.
- Healthcare-related travel: If you must travel to receive medical care in the U.S., you can use your account to help cover expenses like transportation, lodging, mileage, and more.
To manage your account or learn more about the power of your HSA or FSA, log on at HealthEquity.
