Flexible Spending Accounts: American Drug Supply Store
Important FSA changes: Starting January 1, 2011, Health Reform legislation will change which products are FSA eligible and can be purchased with an FSA debit card. We will continue to be a valuable resource for FSA participants with a large online selection of FSA eligible products.
A Flexible Spending Account (FSA) is a special account that allows you to set aside part of your pre-tax wages to pay for certain healthcare expenses for you and your family. Eligible expenses include prescriptions, contact lenses and over-the-counter products. Consumers then submit expense receipts to healthcare administrators for reimbursement. For more information about Flexible Spending Accounts (FSAs), contact your employer.
How will an FSA help me save money?
Because the money you contribute to a flexible spending account is taken out of your paycheck before taxes are taken out, you lower your taxable income, so you'll pay less during tax time! You are allowed to use these pre-tax funds to pay for qualified healthcare expenses that are not covered by your health plan, such as doctor visit copays, deductibles, prescriptions, dental and vision care expenses, and more.
How do I know which items I can buy with my FSA funds?
In addition to standard healthcare expenses, you can buy prescription medicines, first aid kits, blood pressure monitors, contact lens solutions and supplies, home medical aids, and many other things that you typically keep on hand for treating what ails you! When you shop here it's easy to determine which products are FSA qualified products, because we mark them all on our site with our FSA icon
You can also shop in our FSA Category.
How much should I contribute to my FSA?
That's a good question and because you lose any unused FSA funds, one you should consider it carefully. Your administrator may provide a calculator to help you determine how much you should deposit in your flexible spending account. And remember, a great selection of products are available on our site, so you'll enjoy maximum savings by using 100% of your FSA funds.
When can I sign up for an FSA?
FSAs are offered through your employee benefits and you can typically sign up only during your annual open enrollment period. If you are a new employee, you may be able to enroll outside the annual open enrollment period. Check with your employer's benefits department for more details.
How do I pay for healthcare expenses with my FSA funds?
If your administrator provides a debit card, that's the easiest way to access your account. At drugsupplystore.com you can use your FSA card at checkout and you won't have to file a claim. The money will automatically be deducted from your FSA account. However, some administrators require you to submit a claim to receive reimbursement from your FSA account. When you shop here, we can help with that, too. You can print a receipt that includes only your FSA purchases, making it easier for your administrator to process your reimbursement.
Can I be reimbursed for FSA-eligible purchases?
Effective January 1, 2011, items such as cough medicines, pain relievers, acid controllers, and diaper rash ointment will no longer be eligible for purchase using FSA payment cards. Consumers who wish to be reimbursed from their FSA plan, may purchase these items using some other form of payment and then submit a reimbursement request, accompanied by a doctor's prescription to their FSA plan administrator. Insulin and other over-the-counter items, such as band-aids, will continue to be automatically eligible for purchase with an FSA payment card, without the manual claim requirement.
We mark products most likely to be eligible for reimbursement by FSA programs with an icon and we put them in our FSA Category.
What is a valid
prescription for purposes of FSA reimbursement of Over-the-Counter (OTC) Drugs?
An OTC drug is considered
prescribed if you obtain a “prescription” for such medicine or drug (even though
a prescription is not legally required to obtain the medicine or drug). A
prescription is defined as an electronic or written order for a medicine or
·meets the legal requirements of a prescription in the state in
which the medical expense is incurred; and
·is issued by an individual authorized to issue a
prescription in that state.
Will the doctor charge
a separate fee to write my prescriptions if I don’t request them during a
scheduled office visit? It is
up to your physician whether or not they charge a separate fee for writing