Whether you're going on vacation or always have rambunctious kids running around your house, it pays to have a first aid kit on hand! These kits contain everything you need to address all the minor injuries you and your family might encounter from living an active lifestyle. They help manage pain, clean wounds, and prevent minor issues from becoming bigger ones!
First aid kits are a necessary purchase to have in your home and on the go. But can you use your FSA to buy it?
What's an FSA?
A flexible spending account (FSA) is a tax-advantaged and employer-sponsored benefit. Many companies offer it as a way to save for unexpected medical expenses. You can contribute a set amount yearly and use it to cover many health-related costs.
But what are qualified expenses for flexible spending account usage?
The IRS is responsible for dictating what an FSA and HSA cover. All the usual expenses like hospital services, doctor visits, medical procedures, and more are covered. But many people don't realize that an FSA also covers everyday purchases. If you would like to know - What are qualified expenses for flexible spending account? visit this website.
You're free to use the tax-advantaged plan to pay for everything from over-the-counter medicines to feminine hygiene products.
Qualified Expenses for Flexible Spending Account Usage
The IRS does consider a first aid kit a qualified expense. First aid kits contain several medical items. For example, they often come with bandages, gauze wraps, ointments to prevent infection, and more. All those items would qualify independently, but you can save a good amount of money buying them as part of a kit.
FSAs aren't just for emergencies. Qualified medical expenses include tons of products you use regularly! Finish your vacation prep with other must-have essentials like sunscreen, aloe vera gel for sunburns, motion sickness pills, itch relief cream, etc. All of those examples are qualified expenses.
You can even use your FSA for prescription sunglasses!
Don't be afraid to use your FSA. If unsure whether a purchase qualifies, you can refer to official IRS publications or reach out to your FSA provider.
Read a similar article about FSA deductions here at this page.
