A medical FSA makes it easy to save funds to use for eligible healthcare expenses that are not covered by insurance.
Your entire FSA and L-FSA contributions are available at the beginning of the plan year. You get a debit card to use for qualified expenses, but you will still need to keep itemized receipts and explanation of benefits (EOBs) from your insurance company in case the flex benefits administrator needs for you to provide substantiation for a debit card purchase (IRS rules).
Your medical FSA funds can be used by you and:
- Your spouse
- Your child (up to age 26) and/or
- Your tax dependent who is permanently and totally disabled