When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. What are Some Examples of Voluntary Benefits? Voluntary benefits include a variety of options, all designed to...
Spring into Savings with an HSA or FSA
Spring is in the air! But so are dust and pollen and mold spores (oh, my!), which cause a host of sinus and allergy problems for millions of Americans. But if you have a Health Savings Account (HSA) or a Flexible Spending Account (FSA) from Advantage Administrators, you can use those funds to help you beat the springtime sniffles.
Relieve sinus problems
Whether as a result of the common cold or sinusitis, millions of Americans suffer from sinus pain and pressure, nasal congestion, and drainage every year. But did you know that many nasal sprays, sinus rinses, and other remedies are eligible expenses under your HSA or FSA? That can mean big savings if you use those funds instead of paying out of pocket.
Identify allergy triggers
If allergies are to blame for your troubles and over-the-counter remedies have proven ineffective (or if they’re just not effective enough), it may be worth looking into what your specific triggers might be. Your doctor can perform skin tests and blood tests to determine what’s causing your allergy symptoms in order to provide the most effective course of treatment, and you may be able to use your HSA or FSA funds to cover the cost.
Fix up your first-aid kit
As the weather improves, you may be spending more time outdoors in order to rid yourself of the winter blues. But spending more time outside may increase your risk for scratches, scrapes, and bruises. It’s a good idea to keep a well-stocked first aid kit handy, or to restock your existing kit if you’re running low on supplies. Items like bandages, gauze, and gloves qualify as eligible expenses, meaning you can use your FSA funds to pay for them.
Save your receipts
When you’re stocking up on supplies to help heal your springtime scrapes and sniffles, you’ll want to make sure you keep track of what you’re spending your FSA funds on. Because FSAs are tax-advantaged accounts, the IRS requires proof that the funds are being spent on eligible expenses. The IRS may disqualify FSAs it determines to be either previously or currently non-compliant. And if a plan is disqualified, any contributions that were made to that plan could be considered taxable.
An Explanation of Benefits (EOB) form usually contains the required information, but if you don’t receive one, the information you’ll need to provide includes:
- The date the service was received or the purchase was made
- A description of the service received or the item purchased
- The dollar amount for the service received or the item purchased
- The name of the service provider or the name of the store where the item was purchased
When you use your benefits debit card from Advantage Administrators to pay for eligible expenses from merchants with an Inventory Information Approval System (IIAS), you won’t have to submit receipts to verify your purchases—you can just swipe the card and go. Purchases from non-IIAS merchants, however, will still require submission of receipts so your purchases can be verified. Our mobile app makes uploading receipts and filing claims a cinch, and is available for both Apple and Android devices.
If you’ve got questions about what may or may not qualify as an eligible expense, or about how to take advantage of the benefits that come with having a Health Savings Account or a Flexible Spending Account, contact Advantage Administrators today!