Using Your Flexible Spending Account at the FAAWC
It’s getting toward the end of 2020 and you may have started hearing warnings to make sure you spend your FSA funds. In case you didn’t know, everything from routine foot care to laser therapy and even medical devices can qualify as expenses toward which an FSA can be applied. Read on to learn more about FSAs and how to use yours at the FAAWC.
What is an FSA?
You may have a Flexible Spending Account (FSA) as part of your healthcare plan supplied through your employer. The money placed in this spending account comes directly from your paycheck and is deposited before it is taxed. FSA funds can be used for any “qualifying medical expense”—which generally includes deductibles, copayments, and coinsurance.
How does an FSA differ from an HSA?
We won’t get into all the details on this since there is quite a bit to know about the subject. However, when it comes to your foot care and covered services, there are some differences in using HSA funds versus FSA funds.
The biggest thing to know is that an FSA follows a “use it or lose it” policy. You must use your funds by the end of the year or they disappear. HSAs usually roll over from year to year and employer to employer if you switch jobs.
Conversely, when FSA funds cycle at the beginning of the year, the entire planned contribution amount is immediately available to use (with conditions for paying it back, of course). With an HSA, funds cannot be spent until they have been deposited.
How can I use my FSA at the FAAWC?
There are many things that qualify for FSA funds when it comes to your foot care. Medical services performed are billed to your insurance and any portion of the services not covered would be applied to your deductible. Since FSA funds cover deductibles, you would be able to use your FSA dollars to make up the difference.
FSA funds can also be used for medical devices and prescriptions. If your FAAWC provider deems a medical device such as a brace, walker, or even compression socks necessary for your care, you will likely be able to use your FSA funds toward it.
The same goes for our treatment programs. Laser therapy, whether with the MLS laser or the Aerolase laser, can qualify to be covered by FSA dollars. Even visits to our Medical Nail Salon could be funded. While purely cosmetic appointments are not eligible for FSA coverage, medically necessary appointments are. If your FAAWC provider determines you need professional routine care through the salon, then it can be covered.
If you still have money in your Flexible Spending Account, now is the time to make an appointment with the FAAWC. Let’s get your foot care covered with the funds you’ve already set aside for it before they disappear. Call 740-363-4373 today to book your appointment.
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