How do I spend my flex account?

You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums. You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor's prescription. Reimbursements for insulin are allowed without a prescription.

How does a flex spending account work?

A flexible spending account allows employees to pay for healthcare costs with pretax dollars. Employees choose the contribution amounts to an FSA, which are deducted from their gross pay and reduce taxable income for that year. FSAs are only accessible through an employer and cannot be obtained through self-employment.

What can I use my flex dollars on?

Flex dollars can be used by anyone to pay for guests at a discounted rate at the dining commons. Manage your meal plan online. Purchase a meal plan, buy add-on flex dollars, check your balances or transactions online anytime. > Deposit money into my debit account.

Can I use my flex spending card on groceries?

No, you can't use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for straight food purchases like meat, produce and dairy. But you can use them for some nutrition-related products and services. To review, tax-advantaged accounts have regulatory restrictions on eligible products and services.

Can I withdraw money from my flex card?

Unfortunately, FSA cards cannot be used to withdraw FSA funds from an ATM. These cards can only be used directly on qualifying medical products and services. This comes from the fact that FSA funds are pre-tax and cash cannot be easily monitored for eligible purchases.

Creative ways to use your Flexible Spending Account before the year-end deadline

Can I use my flex card at Walmart?

However, you can make your purchase using your FSA card in-store at Walmarts. However, you can not just buy anything you want with your FSA card. There are some specific items that you can buy with your FSA card. Swipe your FSA debit card to pay for the needed items after scanning them at the checkout counter.

What happens to unused flex spending money?

Where does the money go? Unused FSA money returns to your employer. The funds can be used towards offsetting administrative costs incurred during the plan year, employers can also reduce annual premiums in the next FSA year, or funds must be equally distributed to employees who enroll in an FSA for the next year.

Can I buy toilet paper with FSA card?

Toiletries are not eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA), health reimbursement arrangement (HRA), limited-purpose flexible spending account (LPFSA) or a dependent care flexible spending account (DCFSA).

What Stores Can I use my Flex card at?

Can I use my FSA card at a gas station?

You can use them just about anywhere and for just about anything. Grocery stores, pharmacies, gas stations, clothing shops, doctors' offices, bus stations … you name it, you can probably pay with a card there.

Can you use flex spending at CVS?

Did you know? Many of the health & medicine products you purchase regularly at CVS are FSA eligible. However, it is important to be aware that while most medical supplies are FSA eligible, many over the counter medications are only FSA eligible with a prescription from your doctor.

Does CVS take flex spending?

FSA Easy with each purchase

If you use an FSA debit card for purchasing over-the-counter health-related products, or for your prescription co-payments, our FSA easy store register system will automatically charge FSA eligible items* to your FSA debit card.

How do you spend extra flex money?

Do I have to pay back flex spending?

Employers are not allowed to ask for money back that you spent from your FSA if you quit or retire. This is due to the Uniform Coverage rule which ensures that your Flexible Spending Account funds are available to you in full as soon as your plan year starts. Any FSA amount you don't use is returned to your employer.

How much can I roll over in my flex spending account?

The Internal Revenue Service has upped the contribution limit on flexible spending accounts to $3,050, allowing 20% of that amount, or $610, to carry over from 2023 into 2024.

What does flex card pay for?

What can I use a Flex Card for? Flex Cards can only be used for qualifying medical expenses such as durable medical equipment (DME), co-pays or deductibles, prescription drugs or over the counter (OTC) medications, dental, vision, and hearing care, diagnostic devices, or other medically necessary expenses.

Can I use my flex spending account for over the counter meds?

In response to COVID-19, a new federal law expands how you can use your flexible spending account (FSA). You can now use your FSA to purchase over-the-counter (OTC) drugs and medicines, without a prescription, as well as menstrual care products.

Can you buy shoes on FSA?

Health Savings Accounts (HSAs), and Flexible Spending Accounts (FSAs) can be great cost-savings tools. You can use them to reimburse yourself for eligible health care, medical aids, and even diabetic footwear or orthopedic shoes.

Can I buy stuff on Amazon with my FSA card?

Q: Can I use my FSA or HSA cards on Amazon? Yes, you can add your FSA or HSA card as a payment option in Your Account by clicking here.

Is flex spending Use it or lose it?

Flexible spending accounts are back to use-it-or-lose-it During the pandemic, the IRS allowed Americans to roll over the balances in their health flexible spending accounts. But the end of 2022 marks the return of the use-it-or-lose-it policy for most FSAs.

Can I use my flex spending account for gym membership?

Can you use FSA funds to pay for a gym membership or exercise classes? The Internal Revenue Service (IRS) typically does not allow funds from a Flexible Spending Account (FSA) to pay for membership dues at health clubs or gyms.

Can I use my flex spending card at Walgreens?

Stretch your FSA dollars with Walgreens brand products

And now through December 31, 2022, all regular priced FSA-eligible items are 25% off using code FSA25. But remember, if you use your benefits card for ineligible expenses, you're responsible for reimbursing your account.

Can I use my FSA card like a credit card?

Once you fund your FSA, you can use the account to pay for eligible medical expenses or buy eligible qualifying products. One way of doing so is by using your FSA card just as you would use any debit or credit card at check out.

Do I need a PIN to use my FSA card?

It is limited to specific merchants and eligible expenses, which are determined by the benefit you selected. Your debit card transactions can be done as debit with the PIN provided, or as credit with no PIN required. The debit card cannot be used at an ATM or for cash back when making a purchase.

Can I swipe my FSA card anywhere?

You can't use it in every store

In order to be able to use your FSA card at a specific location, it must be one that accepts FSA cards and sells qualified eligible products, such as a pharmacy or grocery store. You can also use it at approved locations which offer medical services, such as a doctor's office or dentist.