HSA card and FSA account holders may use their pre-tax money for various medical needs. When requesting “medically necessary” products and equipment, a doctors note may be required. The IRS advises that certain health and fitness items do not qualify even with an official note from a physician. Some in the medical industry feel this is over stepping on the part of the government or that tax rules favor medicines over prevention. Read more here: Why the IRS doesn’t believe your doctor’s note for tax-free health items
Tag: fsa
Creative Ways to Spend Your FSA
As year end approaches, many people are looking for ways to use the last of their FSA (Flexible Spending Account) money. Two options that employers may offer include an extended period of up to two months into the new year to utilize funds or a rollover credit of up to $570. Check with HR to find out if your company offers these perks. Did you know that there are actually many, “fun” and needed products you can purchase as well? Sunscreen, high-end brands included, light therapy treatments, heating pads, allergy medicine, and prescription sunglasses all make the list of eligible items. Check out, Fun ways to spend your FSA before the end of 2022 to learn more and enjoy your shopping trip.