Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are tools offered by employers to help pay for health care expenses. When using these accounts, it's crucial that you remain compliant with their given rules to avoid potentially negative consequences.
Cat Torres shared some tips to help you securely utilize your FSA/HSA. She recommends using "trusted resources like the FSA Store to confirm whether your purchase is indeed eligible" and reminds users that even if an item is on the FSA-eligible list, you may still need a prescription or Letter of Medical Necessity before trying to expense it.
“Purchasing ineligible items could lead to card suspension and ultimately taxation on the amount spent if the ineligible purchase isn’t remedied.”
Interested in learning more? Check out the full Penny Hoarder article here.
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