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FSA Eligible Products
As an individual, you strive to take care of your health and well-being. Thankfully, there are financial tools available to help you manage your medical expenses more effectively. One such tool is a Flexible Spending Account (FSA), which allows you to set aside pre-tax funds for eligible healthcare expenses.
FSA Qualified Healthcare Categories at Cura360
What are FSA Eligible Products?
The Flexible Spending Account (FSA) is an employer-sponsored benefit account. It allows employees to set aside pre-tax money from their paychecks to cover eligible medical expenses. Basically, the goal is to help individuals manage their healthcare expenses more effectively by providing them with a tax-advantaged way to pay for medical and healthcare-related costs.
The FSA operates on a "use-it-or-lose-it" basis, meaning you must use the funds in the account within a specific plan year. Any remaining funds at the plan year's end may be forfeited, so it is important to plan and budget expenses accordingly.
You can purchase FSA-eligible products using the funds in the account.
For FSA Eligibility
You can qualify for FSA in various ways, including the following:
Employment
Typically, FSA eligibility is tied to employment. You must be an employee of a company or organization that offers a Flexible Spending Account as part of its employee benefits package. Eligibility criteria may vary between employers, such as minimum working hours or length of employment.
Enrollment
FSA enrollment occurs during a specific open enrollment period, a time window your employer determines. Employees can elect to participate in the FSA for the upcoming plan year during this period.
It's important to note that missing the open enrollment period may result in the inability to enroll in the FSA until the next enrollment period unless you experience a qualifying life event.
Plan Year
The specific plan year that your employer set also determines FSA eligibility. The plan year is the period during which you can use the funds in your FSA account.
Common plan years follow the calendar year (January 1 to December 31), but some employers may have different plan year durations.
Elections
To be eligible for FSA reimbursement, you need to contribute to your FSA account through regular payroll deductions. During the open enrollment period, you can choose how much money you want to contribute to your FSA for the upcoming plan year.
However, you must carefully consider your expected healthcare expenses when determining your contribution amount. The government can forfeit unused funds at the plan year's end.
Expenses
FSA eligibility also depends on the expenses for which you plan to use the funds. The IRS determines which expenses are eligible for reimbursement under an FSA.
Generally, qualified expenses include medical costs and equipment, dental costs, prescription medications, vision care expenses, and certain over-the-counter items. However, you must review the specific guidelines of your employer's FSA plan to ensure your expenses are eligible for reimbursement.
FSA Qualified Healthcare Categories at Cura360
At Cura360, you will find several FSA-qualified healthcare categories that cover a range of essential healthcare products. These categories include:
Mobility Aids
Cura360 offers a variety of FSA-qualified mobility aids for maintaining independence and mobility. These aids assist individuals with limited mobility, providing the necessary support to navigate their surroundings comfortably.
The aids available include:
- Manual wheelchairs:Cura360 offers many FSA-qualified manual wheelchairs. They are durable and easy to maneuver, ensuring you move around conveniently.
- Power wheelchairs:For those with greater mobility challenges, Cura360 provides FSA-qualified power wheelchairs. These motorized wheelchairs offer enhanced freedom of movement, allowing you to navigate indoor and outdoor spaces effortlessly.
- Electric scooters:Cura360 also offers FSA-qualified electric scooters, ideal for those requiring increased mobility over longer distances. These scooters provide a convenient and efficient means of transportation.
Walking Aids
Cura360 offers FSA-qualified walking aids. These healthcare products assist those with issues in maintaining balance, stability, and independence while walking. Here's more information about the FSA-qualified walking aids offered by Cura360:
- Walkers and rollators:These mobility aid devices assist in walking by providing a sturdy frame with handles for gripping.
- Canes and crutches: Canes and crutches provide support and stability for people with mild to moderate balance issues or who need assistance with weight-bearing.
- Bariatric walkers:These walking aids are perfect if you require extra strength and support due to a higher weight capacity.
Rehab and Braces
Cura360 provides FSA-qualified rehab and braces products. These are products that support individuals recovering from injuries or managing certain conditions.
Orthopedic braces fall under this category, and they can further be subdivided into the following subcategories:
- Foot and ankle braces and support:Braces under this section include ankle wraps, dorsal night splints, arch supports, plantar fasciitis night splints, and Achilles tendon supports. They alleviate pain, provide stability, and promote healing for foot and ankle injuries or conditions.
- Leg and knee braces and support:Examples of braces in this subcategory include knee braces, knee sleeves, patella stabilizers, and hinged knee braces. These products help provide stability, reduce pain, and facilitate the healing process of legs and knees.
- Hip and spine braces and support:FSA-qualified hip and spine braces and supports can provide compression, alignment, and stabilization. This subcategory may include lumbar support belts, sacroiliac joint braces, and posture correctors.
- Shoulder and neck braces and support:Cura360 offers FSA-qualified shoulder and neck braces and supports to aid in recovery and provide relief. These products may include shoulder braces, clavicle supports, neck collars, and posture correctors.
- Hand and wrist braces and support:Products in this category help individuals with hand and wrist injuries, arthritis, or carpal tunnel syndrome. Such products include hand and wrist braces, wrist splints, thumb supports, and finger splints.
TENS units and hot and cold therapy treatment products also fall under Rehab and Therapy. Here is a look at each of them:
TENS Units
Transcutaneous Electrical Nerve Stimulation (TENS) units are portable electronic devices that deliver low-voltage electrical currents to targeted body areas. These currents help stimulate the nerves, providing pain relief and reducing discomfort. They are non-invasive, and you can easily use them at home or under the guidance of a healthcare professional.
Hot and Cold Therapy
Hot and cold therapy involves the alternating application of hot and cold temperatures to the body as a combined treatment. It has a number of benefits, including:
- Reduced inflammation:The alternating hot and cold temperatures help to reduce inflammation by constricting and dilating blood vessels, respectively.
- Increased circulation:The contrast between hot and cold temperatures promotes blood flow and enhances the delivery of oxygen and nutrients to the affected area, supporting the healing process.
- Pain relief:Hot therapy helps relax muscles and reduce muscle spasms, while cold therapy numbs pain and provides immediate relief.
Cura360 offers several FSA-qualified hot and cold therapy treatment products, including hot/cold packs, gel packs, and wraps.
Light Therapy
Light therapy involves exposure to specific wavelengths of light to treat certain conditions and promote overall well-being. However, to qualify for FSA, you must have your doctor's prescription and a detailed receipt. Additionally, you must produce a letter of medical necessity with your doctor's signature.
Here's more information about this treatment:
Light Therapy for Seasonal Affective Disorder (SAD)
Seasonal Affective Disorder (SAD) is a type of depression that occurs during specific seasons, typically during fall and winter. This is when there is less natural sunlight. Light therapy provides artificial light that mimics natural sunlight, making it an effective SAD treatment option.
FSA-qualified light therapy products for SAD often include lightboxes or lamps that emit bright, white light.
Light Therapy for Skin Conditions
Light therapy can also treat various skin conditions, including psoriasis, acne, and eczema. FSA-qualified light therapy products for skin conditions may include handheld UVB lamps or LED light therapy devices
Light Therapy for Sleep Disorders
Light therapy can also help you if you have sleep disorders like insomnia or circadian rhythm disorders. FSA-qualified light therapy products for sleep disorders typically include devices that emit specific light wavelengths like blue or red light.
Ideally, you must use the devices at specific times, such as in the morning to help reset the body's internal clock and promote wakefulness or in the evening to enhance relaxation and improve sleep quality.
Light Therapy for Mood Enhancement
Light therapy can also have mood-enhancing effects, promoting a sense of well-being and improving mood. The devices that fall under this category include those that emit specific light wavelengths like blue or full-spectrum light.
Massage Guns/Devices
These handheld devices provide targeted massage therapy for muscle tension relief and relaxation. They use rapid and repetitive movements to deliver muscle percussive or vibration therapy.
You must meet certain conditions to purchase massage guns using funds in your FSA account. For instance, you'll require a prescription from your doctor and a detailed receipt or a letter of medical necessity.
Here is more information regarding these conditions and requirements:
- Prescription requirement:The prescription should indicate that the massager gun is medically necessary to treat a specific condition or as part of a therapeutic regimen.
- Letter of medical necessity:The letter should outline several aspects. They include the medical condition or symptoms being treated, the recommended use of the massage gun, and how it will contribute to your overall healthcare and well-being.
Patient Lifts
Patient lifts are healthcare products that help people with limited mobility to transfer or move from one location to another. They can be beneficial for individuals with disabilities or injuries or those who are recovering from surgery.
Typically, FSA-qualified patient lifts at Cura360 consist of a sturdy frame with a lifting mechanism, adjustable slings, and various safety features. The lifting mechanism may operate manually, through hydraulic power, or with electric motors. Further, some models are mobile and easily maneuverable, while others are stationary and installed in a specific location.
Shopping Online with an FSA Card
The FSA Card is a payment card linked to your Flexible Spending Account (FSA). Using the card has the following benefits:
- Convenience and ease of use:The FSA Card simplifies the process of paying for eligible healthcare products and services. You can purchase directly at approved retailers, online shops, or healthcare providers without paying out-of-pocket and later seeking reimbursement.
- Real-time payment:The FSA Card enables immediate approval and transaction completion. There's no need to file claims or wait for reimbursement, making the payment process quicker and smoother.
- Hassle-free reimbursement:With an FSA Card, you can pay for eligible expenses directly, eliminating the need for manual reimbursement processes. This saves you from paperwork and administrative burdens associated with submitting claims.
- Automatic expense tracking:FSA Cards often provide online portals or mobile apps to track your FSA account balance and monitor your spending. This allows you to easily keep track of your FSA funds and ensure you stay within the allowed limits.
- Increased flexibility:Having an FSA Card gives you flexibility in paying for eligible healthcare expenses as they arise. You have instant access to your FSA funds, making it more convenient to manage your healthcare expenses throughout the plan year.
FAQs
What is an FSA (Flexible Spending Account), and how does it work ?
An FSA is an employer-sponsored benefit that allows employees to set aside pre-tax funds to cover eligible medical expenses. It works by deducting a portion of your salary before taxes, which you can use for qualified healthcare expenses.
What expenses are eligible for reimbursement through an FSA ?
Eligible expenses include medical costs, prescription medications, dental treatments, vision care expenses, and certain over-the-counter items. However, specific guidelines may vary, so it's important to review your employer's FSA plan for details.
How much can I contribute to my FSA ?
The IRS determines the contribution limit for an FSA, which can vary each year. The annual contribution limit for 2023 is $3,050. However, your employer may set a lower limit.
What happens if I don't use all the funds in my FSA by the end of the plan year ?
Traditionally, any unused funds in an FSA at the end of the plan year would be forfeited. However, some employers offer a grace period or a carryover option to allow you to utilize the funds for a limited time.
Can I use my FSA to pay for my dependents' healthcare expenses?
Yes, you can use your FSA funds to cover eligible healthcare expenses for your dependents. You can cater to their medical treatments, prescription medications, dental care, and vision expenses.
However, these deductions are limited to deductibles and copayments and not premiums.
Can I change my FSA contribution amount during the plan year ?
Generally, you can only change your FSA contribution amount during the open enrollment period or if you experience a qualifying life event. Such events include marriage, adoption of a child or a change in employment status.
The process involves filling out and submitting a Request for Change in Status form.
Are exercise equipment eligible for FSA?
Exercise equipment generally does not qualify as an eligible expense under an FSA unless a healthcare professional prescribes it to treat a medical condition or as part of a medical therapy regimen. In such cases, you would need a prescription and a detailed receipt or a letter of medical necessity to use your FSA funds for exercise equipment.
Can you use funds in your FSA account to pay for supplements and vitamins?
The eligibility of supplements and vitamins for reimbursement through an FSA depends on their purpose and whether they meet certain criteria. Over-the-counter (OTC) supplements and vitamins generally require a prescription from a healthcare professional to be considered eligible for FSA reimbursement. Without a prescription, you cannot use your FSA funds to pay directly for OTC supplements and vitamins.
If you need an FSA-qualified product, Cura360 has got you covered. Their customer service team will guide you through the purchase process to ensure you get a product that meets your needs.
Contact Cura360 at 1-833-207-3433 for assistance.
