Patient Care through FSA!!!

Are your supplementary medical requirements costing your pocket extra? Is your diagnosing equipment expensive? Is any of your family members in need of a wheelchair and you can’t buy him/her one as that purchase might dry up your savings? Or are you looking for some bathroom safety equipment for the elders of the house but not sure whether to spend your hard-earned money on it or not?

Then here lies the answer! You are one step away from reducing tax on your income and putting some funds in a self-managed account, utilizing which you can buy your daily medical needs. It is called shopping with your FSA account.

What is a Flexible Spending Account?

A flexible spending account or FSA is a benefit account that allows you to deposit a certain amount of your pre-taxed income that you can use for purchasing your daily medical and health-care needs. The money is deducted from your fixed-remuneration prior to the taxes assessed. It not only reduces your taxable income but with an FSA, many people save up to 30% on medical costs covered by their plan.

With an FSA, you can stock money for year-round medical-related purchases, services, and procedures that you would ordinarily have to pay for out of pocket.

One can utilize funds kept in an FSA to cover the cost of various medical, dental, and vision co-pays, deductibles, and exams. FSA funds can also pay for physical therapy, chiropractic care, acupuncture, prescription drugs, and many over-the-counter healthcare items like medications, bandages, home health monitors and activity trackers, etc. moreover the money that you are saving in your FSA account cannot only be used on personal expenditure but you can spend the same money to cover healthcare costs of your spouse and any other authenticated dependents that you claim on your federal tax return.

Every pay period, your employer will deduct the amount that you specify from your income and put it in an FSA. The total amount of money that you allot for the year becomes available on the very first day of your year plan. For e.g., if you choose to put $1,000 in your FSA during the year, and your plan year starts in January, you could use all $1,000 to cover an unexpected medical expense from January 1.

Whether you are shopping online or through a physical store, the availability of FSA debit cards and the option of post reimbursement of your eligible health care expenses have widened the scope of the working of your customized FSA plan.

Patient Room FSA Program

Patient Room is an online store that brings you a wide range of FSA-eligible medical and wellness supplies. You can easily shop all your regular health care products with your unspent FSA Dollars. Explore the list of our healthcare products, put your essentials in the cart and shop with your FSA debit card. Our essential medical care solutions will not let you lose your FSA money. To ease your shopping we have marked all our FSA eligible items with an FSA approved symbol. However, as the products are likely to be changed by the regulated eligibility list by IRS under the FSA, we recommend you confirm the eligibility requirements as per your FSA plan, prior to making any purchase with us. We do not take any responsibility for the specific limitations or restrictions implemented by your employer on your Health FSA Plan.

The patient room makes available all the patient care products that are used for the prevention, treatment, and management of illness and the preservation of the physical and mental well-being of a person.

It is to be further noted that most of your ‘medical needs' are covered by the ‘PATIENT ROOM’. Under IRC 213(d) (1), "medical care includes amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body." This includes medical equipment and devices. Thus, all you have to do is to swipe your FSA card with us and shop with your FSA savings. Thus items like bandages, gloves, first- aid kits, etc. are now FSA approved items and when bought over the counter do not require a prescription. Such details are regulated by the latest updates as herein under:-

The CARES Act, being in effect from January 1, 2020, the following items are FSA eligible:

  • Menstrual care/feminine hygiene products.
  • Over-the-counter drugs and other items as mentioned in IRS Code Section 213(d) no longer require a prescription to be reimbursed.

Who is eligible for FSA account?

The criterion for becoming an authenticated FSA user is as follows:-

Firstly, to become an FSA-eligible member, you have to have employment in an organization. This however does not include freelancers and self-employed people. An exception can be made with respect to the key employees and highly compensated individuals determined by the standards given under the IRS regulations.

Secondly, always remember to use your FSA funds before the year ends otherwise you will lose all the money that is kept there. Your FSA provider can choose to allow a grace period for you to utilize FSA funds or a carryover of a certain amount (for the year 2021 to 2022, it is up to $500 - $550) of FSA funds into the next year, but not both.

Thirdly, it is advisable to shop your FSA-approved wound care products up to a defined limit set by your FSA administrator or your employer. If no such limit is set by the organization you are working for, then such purchase should be made within the limits of $2,750 as set and regulated by the ISR.

For further tax-related queries and FSA visit: https://www.irs.gov/pub/irs-dft/p969--dft.pdf

Fourthly, FSA Dollars can be used to pay for qualified medical expenses which include personal care and/ or family needs. Such expenses are those incurred by the following persons.

  • You and your spouse.
  • All dependents you claim on your tax return.
  • Any person you could have claimed as a dependent on your return except that: a. The person filed a joint return; b. The person had a gross income of $4,300 or more; or c. You, or your spouse if filing jointly, could be claimed as a dependent on someone else’s 2021 return.
  • Your child under age 27 at the end of your tax year.

Lastly, it is to be noted that the complete amount which is kept aside for FSA is tax-free. It helps consumers to reduce their taxable income and get beneficial reimbursement to all such medically approved purchases that qualify for the same and is not included in regular health plans.

How to shop at Patient Room with your FSA Card?

Step into our online store with your FSA cards.

  1. Explore the FSA-eligible patient care products that we offer on our site.
  2. Choose and add to cart the products you wish to buy and make sure it is marked with the FSA approved symbol.
  3. Add that item to your cart and make payment through your FSA Card provided by your employer or keep the order receipts with you for future reimbursements.
  4. Make sure to use only your credit cards for paying for the auto-reorder of such FSA-approved products.
  5. The amount will be deducted from your FSA account.
  6. Although many OTC drugs and medication do not require a doctor’s prescription effected by Jan 1st, 2020, we recommend you to confirm the eligibility terms with your employer before shopping and always save your medical prescriptions and receipts with yourselves.

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Disclaimer: All content found on our website, including images, videos, infographics and text were created solely for informational purposes. Our content should never be used for the purpose of diagnosis or treatment of any medical conditions. Content shared on our websites is not meant to be used as a substitute for advice from a certified medical professional. Reliance on the information provided on our website as a basis for patient treatment is solely at your own risk. We urge all our customers to always consult a physician or a certified medical professional before trying or using a new medical product.