Everything You Need to Know about HSAs & FSAs
What are HSAs and FSAs?
HSA stands for health savings account, whereas FSA is a flexible spending account. Both programs are used to cover healthcare expenses.
There are a few differences between HSAs and FSAs. The first is who owns them. HSAs are set up and owned by you, whereas your employer provides FSAs. If you change employers, your FSA funds usually need to be spent.
The second difference is that HSA funds carry over year after year. On the other hand, FSA funds are “use it or lose it.” Unspent FSA funds are voided at the end of the plan year. So if you have an FSA account, be sure you know when your funds will expire and spend them before that deadline.
What do HSA and FSA Accounts Cover?
While eligible purchases tend to change from year to year, here are a few things these accounts generally cover:
- Allergy medication
- Birth control pills
- Copays for prescriptions
- My Medic first aid kits
- Vision care
Do I Have an HSA/FSA?
To find out if you have an HSA or FSA, you’ll need to ask your insurance company or employer. Do note that HSA accounts are only available for individuals or families enrolled in a qualifying high-deductible health plan.
How to Make a Purchase Using HSA/FSA
Using an HSA/FSA Debit Card
Many HSA and FSA accounts issue debit cards to their customers. This makes it extra easy to pay for eligible items.
Check Your Balance
Before making a purchase, you must ensure you have enough funds to cover the product. You can check your balance in your HSA/FSA provider’s app or website. If you don’t have enough money in the account to cover the cost, you can email firstname.lastname@example.org to pay for the item partially with HSA/FSA funds and the rest out of pocket.
Make Sure the Product is HSA/FSA Approved
Most My Medic products are both HSA and FSA-approved for 2022, excluding survival items. You can find a list of approved and ineligible items at the bottom of this page. If a product is not approved, your claim will be denied, and you’ll have to cover the cost out of pocket.
Pay for the Items
After adding your HSA/FSA-approved products to your cart, make your way to the checkout page and pay using the debit card issued by your HSA/FSA provider. The process will be the same as checking out with a personal credit card.
Acquire an Itemized Receipt
Your HSA/FSA provider will most likely reach out within a week to double-check that your purchase is eligible. For this, you’ll need an itemized receipt both for the provider and your personal records. To receive an itemized receipt of your My Medic purchase, email email@example.com.
Some companies have a few extra steps when it comes to submitting your itemized receipt. While some will simply have you send your itemized receipt to them, others will require you to manually enter the information on their website. Be sure to check how your provider wants it submitted and follow their instructions.
Paying Out of Pocket
While paying with a debit card issued by your provider makes it easy to separate eligible and unqualified purchases, some companies don’t provide these cards. Instead, you’ll pay out of pocket and submit a request for reimbursement.
Check Your Balance
If you don’t have the funds to pay for an item, your HSA/FSA provider won’t cover the purchase. So before placing an order, be sure to check your balance. Alternatively, many companies will allow you to submit a partial reimbursement request so you can pay for your items partially with HSA/FSA dollars.
Make Sure the Product is HSA/FSA Approved
If a product isn’t approved for HSA/FSA dollars, your provider won’t reimburse you for the product you’ve bought. At the bottom of this document is a list of qualifying products that are reimbursable.
Buy Your Desired Items
Add the products you want to the shopping cart and check out as usual. Easy peasy!
Get an Itemized Receipt
To be reimbursed for your purchase, you will need to submit an itemized receipt to the company. To get one from My Medic, email firstname.lastname@example.org.
Submitting the Itemized Receipt
Depending on the company, they may have you submit a pdf version of the receipt or require you to type it all in manually. Be sure to follow the instructions your provider gives you. Once your request has been received and approved, the provider will issue a reimbursement.
What is an Itemized Receipt
An itemized receipt contains more information than a generic receipt. An itemized receipt contains specific information about your purchase. It needs to include the following:
- Business name
- Items purchased
- Method of payment
- Price of each item
- Total bill amount
Depending on the merchant, this information may come in various orders or be found in different locations on your receipt.
Returning Products Purchased with HSA/FSA
We get it; sometimes, you buy something that isn’t exactly what you need. If you purchased it using HSA dollars, you’re in luck! We have a 90-day return or exchange policy for all first aid kits. If you purchased using an FSA card, check with your provider before requesting a refund. Since FSA funds need to be used during a finite period of time, your funds will be forfeited when you request a refund.
What You Can’t Do With Your HSA/FSA
Unfortunately, HSA and FSA accounts don’t solve all your problems. Here are some things you can’t do with HSA or FSA accounts.
- Buy vitamins or supplements for general health
- Cover insurance premiums
- Get Billy Haley (our awesome director of education) to attend your barbecue
- Pay for non-medical expenses
- Withdraw money from an ATM
What to Do if Your Card is Declined
It happens, and while it’s frustrating, it isn’t the end of the world. Here’s what may have happened:
Check Your Account Funds
If a purchase exceeds your account balance, it won’t go through. Your options from here are paying out of pocket and requesting a partial reimbursement, paying entirely out of pocket, or foregoing the purchase.
Activate Your Card
When your card comes in the mail, it’s not quite ready to use yet, unfortunately. First, you need to confirm with the provider that you’ve received the card. This helps keep your card from being stolen and using your funds before it even arrives at your door.
Ensure the Merchant Accepts HSA & FSA Cards
We do, but not everyone does! If the store you’re purchasing from doesn’t accept these cards, you may have to pay out of pocket and file manually for reimbursement or simply find a different seller.
What My Medic Products are Qualified for HSA/FSA in 2022?
- 20L Survival Kit
- 20L Dry Bag
- Construction Medic
- Swag gear
While using your HSA or FSA may seem daunting at first, it’s easy once you know how it works. If you have any other questions about using your HSA/FSA funds with My Medic, reach out to email@example.com, and we’ll be happy to help!