Questions tagged [fsa]

For questions that relate to flexible spending accounts in the USA, and any similar accounts in other jurisdictions. Use with an appropriate country tag.

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When does the IRS typically announce health FSA contribution annual limits?

Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
1 vote
1 answer
60 views

Dependent Care FSA prepayment in the same year?

My child's care is $1,900 a month. If I sign up for a Dependent Care FSA, I'm told that the funds are immediately available for use in the coverage year. Can you pay on January 1 2024, the full $5,000 ...
7 votes
1 answer
840 views

Will my FSA money roll over each year if I stop contributing

My employer offers a Vision & Dental FSA that I have contributed money to. However I would like to stop contributing to it. Up to a certain amount of money ($570) in the FSA rolls over to the next ...
2 votes
1 answer
230 views

Flexible Spending Account to pay medical loan from earlier year?

I'm considering a surgery which would be covered by an FSA account. However I have not contributed anything to my FSA account, and it would take two years of max allowed amount ($2,850) to cover the ...
10 votes
2 answers
3k views

Can I switch from FSA to HSA mid-year while switching employers?

From January through March this year, I was employed by Employer A and had an FSA set up for $500. I have spent all of the FSA. Starting the first week of April, I have been employed by Employer B. ...
5 votes
1 answer
610 views

Unmarried couple, DCFSA without claiming the child?

We are an unmarried couple with a young toddler living in an extended household - filing separate tax returns. The child can qualify as a dependent for either of us since we both live with him ...
14 votes
2 answers
2k views

Difference between Health Savings Account (HSA) & Flexible Spending Account (FSA)?

What is the practical difference between a Health Savings Account and a Flexible Spending Account? What are the pro's and con's of each, and are there situations where either is best?
1 vote
0 answers
171 views

FSA - prepay installment plan for orthodontics - okay on flexible spending account?

Let's say $2,000 is still owed on an orthodontic payment plan which is set to have monthly payments of $250/mo. Assuming there is $2,000 left available on an FSA, can it be used to pay off the rest? ...
3 votes
1 answer
66 views

Dependent Care FSA Reimbrusement

I had FSA with past employer from Jan to Sept 2019 and then switched Job with new employer and started FSA amount with the rest of the limit. All my dependent care expenses were till Sept 2019 but ...
14 votes
3 answers
7k views

What is the rationale behind an FSA being "Use it or Lose it"?

One of the biggest gripes most people have with the Flexible Spending Account is the rule that you must "Use it or Lose it". This can lead to people frantically running around just before their money ...
2 votes
1 answer
51 views

With a Dependent FSA, are expenses incurred in the current calendar year, but before mid year enrollment eligible?

In the United States with a Dependent FSA, are expenses incurred in the current calendar year but before mid-year enrolment eligible? e.g., if I enroll in November for the 2021 calendar year, are ...
21 votes
7 answers
6k views

Are the HSA and FSA bad deals?

As I understand it, the HSA and FSA accounts are intended to provide individuals with a way of not paying tax on money they spent on healthcare. The individual sets up the account to receive a portion ...
3 votes
1 answer
1k views

Reimbursement from insurance after FSA reimbursement received

A couple months ago, I had a dental appointment and, since my dentist is not in-network, I had a substantial bill. I submitted this expense to my flex spending account (FSA) for reimbursement, and I ...
0 votes
1 answer
86 views

What should I do if my Dependent Care FSA amounts are inconsistent?

Box 10 (for dependent care FSA) shows $4423. I elected, contributed, and was reimbursed 5000 according to the benefit provider, but only actually had 4423 withheld according to the payroll provider. ...
6 votes
2 answers
1k views

How does one spouse being highly compensated affect family FSA limits?

If one spouse is considered a Highly Compensated Employee (HCE) (and has dependent care FSA contributions capped), and the other spouse (who works at a different company) is not, is the dependent care ...
1 vote
1 answer
88 views

Dependent Care FSA Payment - Bill Before End of Plan, Due Date After Plan Year Ends

My Dependent Care FSA plan year ends on 3/31/21. The plan says the last day to incur expenses is 3/31/21 and the last day to submit requests is 6/30/21. If I get a bill sent to me before 3/31/21 with ...
4 votes
2 answers
334 views

I started a new job, want to switch my wife to my new insurance. Can I open an HSA if she had an FSA on her previous plan?

I've been searching for a clear-cut answer to this for a while, to no avail. My employer benefits advisor's guidance was unsatisfactory, and my CPA hasn't gotten back to me about it. And so...once ...
2 votes
1 answer
73 views

Where can I find a definitive list of FSA/HSA qualifying expenses?

I was recently informed that the Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the list of eligible HSA/FSA expenses to include things such as feminine hygiene products and over ...
4 votes
1 answer
401 views

My dentist charged me for PPE and my insurance won't cover it. Can I use my FSA to pay for it?

I recently visited my dentist for my semi-annual checkup. The checkup is covered by my insurance, but when I reviewed the EOB after the visit I noticed a $20 charge with code D1999/Unspecified that my ...
5 votes
1 answer
24k views

Can I pay past expenses using an FSA opened midyear?

In my old job I had a HDHP and HSA. Midyear, I started a new job and switched to a standard insurance plan and an FSA. Can I submit receipts for expenses from January to the FSA that I just opened in ...
5 votes
0 answers
73 views

Is preschool closure (due to the pandemic) a qualifying event for Dependent Care FSA?

I'm trying to figure out of closure of my daughter's preschool meets the qualifying event criteria so that I can reduce my dependent care FSA contributions. I've read a few places online that change ...
2 votes
1 answer
167 views

HSA/FSA eligibility and Last Month Rule

Spouse has had an HSA eligible plan but because I had an non-limited FSA throught my employer we had not been able to contribute to the HSA. Last year we decided to get rid of the FSA, the FSA ...
1 vote
2 answers
107 views

Submitted one medical expense to two FSA acounts. How much trouble am I in?

Both myself and my spouse have FSA accounts through our jobs. We both submitted the same medical expense to each of our individual accounts. Is there a penalty for doing that? Do FSA companies submit ...
1 vote
0 answers
131 views

Hospital Payment Plan - FSA account

I have a large hospital expense coming up in the next week and was planning on signing up for a monthly payment plan. Currently, I am not enrolled in FSA account for the 2019-2020 period. We are in ...
4 votes
2 answers
972 views

Opening an FSA with dormant HSA

A long time ago, I opened an HSA account. Now my employer is offering me an FSA account. So long as I don't contribute to the HSA account, can I keep it for later and only contribute to the FSA ...
4 votes
2 answers
1k views

Who determines what is FSA Eligible?

I have a Limited Purpose Flexible Spending Account and I recently added its debit card to my Amazon account which has an FSA eligible store. Items are explicitly marked FSA eligible like shown in the ...
0 votes
1 answer
993 views

Can we have both HSA and DCFSA

I was covered by my wife's HDHP with HSA plan from her employer with a deductible of 2500 (individual)/5000 (family). We recently became parents of a beautiful baby girl.I want to opt for health ...
0 votes
2 answers
72 views

Residual FSA account funds

Each year I put some money into my FSA which will allow me to pay for prescriptions (and other medical costs) tax free. The problem is, you lose any amount not used by the end of the year (or shortly ...
2 votes
1 answer
228 views

Moving from Family HDHP/HSA, to individual HDHP/HSA and individual FSA?

A similar question was asked here, but in this case they were looking to move to a family plan. Wife has FSA with employer, and my new employer offers an HSA plan. What to do? My situation is my ...
4 votes
1 answer
2k views

Cannot be reimbursed by commuter benefit FSA after being let go?

I spoke with support for the commuter benefits card that I was using with my prior employer. I have until June 30th to request these funds to be reimbursed as is typical with an FSA. When I applied ...
0 votes
1 answer
71 views

How to manage FSA Dependent Care

What is a good strategy to manage FSA Dependent Care accounts. Since the money is "use it or lose it" I want to make sure that I use all of the money I put into that account. The max contribution is $...
2 votes
1 answer
112 views

Could my FSA from my previous job disqualify me from doing an HSA with my new one?

I had my previous job 2015 through August 2018. Near the start of the job, I remember contributing something like $200 to an FSA. I regretted my decision (since I hate dealing with FSA complications) ...
0 votes
1 answer
50 views

Dependent Care FSA mid year election

We have a dependent care FSA in 2018 via my company sponsored plan and I contributed $5000 for 2018. My open enrollment started recently and I realized my company has put a limit on my contribution ...
2 votes
2 answers
7k views

How are FSAs handled when you change jobs?

For my 2019 benefits from my company I enrolled for $1000 in an FSA account. So as of Jan 1 I have $1000 available to spend, but in late Feb. I changed jobs and I have one more check being issued to ...
1 vote
1 answer
93 views

How do I submit receipt for FSA reimbursement for my spouse's medical expense?

I and my two children are under Kaiser, while my husband is under a different medical plan (BlueShield of CA). I enrolled in medical FSA while he is not. I read online that his medical expense can be ...
3 votes
1 answer
562 views

FSA pre paid to dentist

I am leaving my company. I have $1650 in my fsa that is available for use. I would like to pre pay my Dentist for services from my FSA card. Is that ok to do?
1 vote
1 answer
4k views

How do I handle forfeited dependent care FSA money on my taxes?

I forfeited $1300 in dependent care FSA (missed deadline). I spent $3800 total on daycare expenses. $1300 showed up on my W2 form. I use Turbotax. Do I need to do anything different on my tax forms ...
6 votes
1 answer
187 views

Using a healthcare Flexible Spending Account at the same time as a Health Savings Account?

Here is my situation: I have the high deductible insurance plan. The coverage includes my wife, dependent daughter and mysef. I contribute to an HSA. My wife has her own insurance through her ...
1 vote
2 answers
230 views

Dependent Care FSA versus Childcare Tax Credit

I have a two week old newborn. In reviewing my employer's benefits within the 30 day life event window, I have noticed we have a Dependent Care FSA, which seems an exciting benefit that I was not ...
2 votes
1 answer
108 views

How much can we put into flexible spending account

My wife and I are going through a divorce, which will not be finalized before the end of 2018. We have three kids together and will be splitting custody. Both of us are trying to enroll in benefits ...
3 votes
2 answers
254 views

How is an FSA's total annual amount of contribution available on the first day of coverage?

I'm walking through my open enrollment documents and there's this part that surprises me... Is the annual amount of the contribution available on the first day of coverage? HSA: No. Only the ...
1 vote
0 answers
49 views

Health Management Reimbursement Accounts (HMRAs / HMAs)

I recently heard about an interesting alternative to HSAs called "Health Matching Account Services" ("HMRAs"/"HMAs"). However, most of what I can find out about them is on the very website of their ...
7 votes
1 answer
843 views

Switch from HSA/Limited FSA to FSA only

In 2016 I had a High Deductible Health Plan/HSA and a Limited FSA through my employer. For 2017 during our open enrollment I decided to not use a HDHP, and chose a PPO Plan. In addition, I selected a ...
5 votes
3 answers
37k views

Can I enroll in an FSA if my employer doesn't offer it?

I'm really REALLY interested in opening an FSA. I've asked my employer and they say they don't offer it. We have insurance through them with BCBSGA. It isn't a HSA qualified plan. So is there a way to ...
2 votes
4 answers
221 views

Tax advantage of FSA reimbursement vs. FSA direct payment

I signed up for an FSA for dependent care from my employer. The company that manages the FSA has informed me that the only way I can use my funds is for me to pay upfront using a regular credit card, ...
2 votes
2 answers
1k views

Can a single expense be split between my and my spouses flexible spending account?

One of us got hearing aids this year which cost $4500. Can I submit this to my FSA and get the total amount I have for that account ($2600), and then let my spouse submit a claim on the spouses ...
1 vote
1 answer
203 views

Changing FSA vs HSA contributions mid-year

Am I understanding things properly that HSA's allow arbitrary annual contribution changes mid-year so long as they are within the maximum amount for that year while for FSA accounts you elect your ...
0 votes
1 answer
508 views

Switching benefits provider from HSA to FSA. Can I continue to claim the cost of my LASIK surgery?

I joined my current company in January and chose a Kaiser Permanente health insurance plan with a Health Savings Account (HSA), and chose the maximum contribution of $3,450 per year. The contributions ...
1 vote
1 answer
558 views

Self employed FSA options

I am self employed in Ohio and on my husband's insurance. Is there an FSA type account that I can set up? We do not have a High Deductible medical plan so the MSA will not work for me either. I ...
3 votes
1 answer
431 views

Eligible Expenses for Dependent Care FSA

I have a similar issue as this question (Can I pay past expenses using an FSA opened midyear?) but with a Dependent Child FSA. Child had preschool expenses Jan - May. Had full amount elected, but I ...