Healthcare spending for individuals with FSAs and HSAs

In the U.S., health insurance premiums are tax deductible–if paid through out of pocket expenses–but out-of-pocket expenses are not. However, there are exceptions to this rule. These include two often-used tax-favored accounts: Flexible savings accounts (FSA). These accounts allow employees to set aside a portion of their pretax income to cover qualified medical expenses; however,…

Eligible FSA expenses

Which expenses are eligible for you flexible spending account (FSA)?  Find out here. Some changes for 2011: “Beginning January 1, 2011, OTC medicines and drugs will no longer be eligible for reimbursement under your health flexible spending account (FSA) unless prescribed by a doctor (or other individual who is legally authorized to issue a prescription) in…