FSA/HSA Eligible Medical Equipment: A Guide to Saving Money on Home Medical Supplies at Shop Home Med
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) offer a great way to save money on eligible healthcare expenses, including medical equipment. If you're looking to purchase home medical supplies from Shop Home Med, browse our selection of FSA-eligible or HSA-eligible products below and keep reading for an overview of how these accounts work.
What is an FSA?
A Flexible Spending Account (FSA) is a tax-advantaged account that allows employees to set aside pre-tax dollars to pay for eligible healthcare expenses. Employers usually offer this benefit to their employees, and the contributions made by employees are deducted from their paychecks before taxes are taken out. FSAs are generally use-it-or-lose-it accounts, meaning that any unused funds at the end of the plan year are forfeited.
What is an HSA?
A Health Savings Account (HSA) is another tax-advantaged account that allows individuals to save money for eligible healthcare expenses. HSAs are available to people who are enrolled in a high-deductible health plan (HDHP). The contributions made to an HSA are tax-deductible, and the funds can be used to pay for qualified medical expenses tax-free. Unlike FSAs, the funds in an HSA can roll over from year to year, and there is no time limit on when they can be used.
What are the Benefits of an FSA or HSA?
Both FSAs and HSAs have benefits that can help people save money on their healthcare expenses.
FSA Benefits
- FSAs are tax-advantaged, meaning that contributions are made with pre-tax dollars, reducing taxable income.
- FSAs can be used to pay for eligible medical expenses that are not covered by insurance, including first aid kits and supplies, incontinence supplies, wheelchairs, walkers, and crutches
HSA Benefits
- HSAs are triple-tax-advantaged, meaning that contributions are made with pre-tax dollars, the funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
- HSAs offer a higher contribution limit than FSAs, allowing individuals to save more money for future medical expenses.
- HSAs are portable, meaning that individuals can take their accounts with them if they change jobs or retire.
- HSAs can be invested, allowing the funds to grow even more over time.
What is FSA/HSA Eligible Medical Equipment?
FSA/HSA-eligible medical equipment includes a wide range of home healthcare supplies, such as:
- Blood glucose monitors and test strips
- Blood pressure monitors
- Wheelchairs, walkers, and crutches
- Hospital beds and mattresses
- Oxygen equipment and supplies
- Breast pumps and supplies
- Sleep apnea machines and supplies
- TENS units and other pain management devices
- First aid kits and supplies
- Incontinence supplies
- Compression stockings and sleeves
These products and many more can be found on Shop Home Med, just look for the FSA Eligible badge.
How to Shop for FSA/HSA Eligible Medical Equipment on Shop Home Med
Shop Home Med offers a wide range of FSA-eligible and HSA-eligible medical equipment to help you save money on your healthcare expenses. Here's how to shop for these products:
- Browse the products above to find what you need. You can filter by category, brand, price, and other options to find what best suits you. You can identify these products across our site by looking for the “FSA/HSA Eligible” badge.
- Add the products to your cart and proceed to checkout. Make sure to use your FSA or HSA debit card to pay for the eligible products, or you can pay with another form of payment and then submit a claim for reimbursement your plan.
- Keep track of your FSA expenses and receipts to ensure that you are using your funds before the deadline. Many FSA or HSA plans have a use-it-or-lose-it policy, meaning that any unused funds at the end of the plan year will be forfeited.
What is LMN?
Limited Medical Necessity (LMN) is a term used by some insurance companies to describe a medical item or service that is necessary for a specific medical condition. An LMN usually requires a doctor's prescription or Letter of Medical Necessity to be covered by insurance or FSA/HSA funds.
How to Shop for LMN Products on Shop Home Med
Shop Home Med offers a wide range of LMN products that are eligible for reimbursement under an FSA or HSA. Here's how to shop for these products:
- Browse the LMN-eligible products page on the Shop Home Med website to find the supplies or equipment you need. You can filter by category, brand, price, and other options to find the products you’re looking to purchase. You can identify these products across our site by looking for the “Eligible with LMN” badge.
- Add the LMN products to your cart and proceed to checkout. Make sure to use your FSA or HSA debit card to pay for the eligible products, or you can pay with another form of payment and then submit a claim for reimbursement from your plan
FAQs
- Can I use my FSA/HSA to purchase non-LMN products on Shop Home Med? Yes, you can use your FSA/HSA funds to purchase eligible medical equipment and supplies that are not LMN, as long as they are used for medical purposes.
- What documentation do I need to provide to use my FSA/HSA for LMN products on Shop Home Med? You will need a doctor's prescription or letter of medical necessity for the Limited Medical Necessity product in order to use your healthcare funds to pay for it.
- Can I use my FSA or HSA to purchase Limited Medical Necessity products if I don't have an LMN? No, you can only use your FSA or HSA funds to purchase Limited Medical Necessity products if you have a Limited Medical Necessity for a specific item or service.
- What happens to my FSA/HSA if I change jobs? If you change jobs, you may be able to continue using your FSA or HSA funds through COBRA, which allows you to continue your employer-sponsored health benefits for a certain period of time. However, it's important to check with your employer and plan administrator to determine your options.
- How do I submit a claim for reimbursement from my FSA or HSA? You can usually submit a claim for reimbursement from your FSA online, by mail, or through a mobile app. You will need to provide documentation of the expense, such as a receipt or explanation of benefits (EOB).
- What expenses are eligible for reimbursement under an FSA or HSA? Eligible expenses include medical, dental, and vision expenses that are not covered by insurance, such as copays, deductibles, and prescriptions. FSA or HSA funds can also be used to purchase eligible wheelchairs and supplies.
- What FSA or HSA-eligible medical equipment and supplies does Shop Home Med offer? Shop Home Med offers a wide variety of FSA or HSA-eligible medical equipment and supplies, including blood glucose monitors, blood pressure monitors, mobility equipment, incontinence supplies, compression stockings, and more.
- Can I use my FSA or HSA debit card to purchase eligible products on Shop Home Med? Yes, you can use your FSA/HSA debit card to purchase eligible medical equipment and supplies on Shop Home Med. You can also pay with another form of payment and then submit a claim for reimbursement from your plan.
- What happens if I purchase a product on Shop Home Med that is not FSA or HSA-eligible? If you purchase a product on Shop Home Med that is not FSA/HSA eligible, you will not be able to use your healthcare funds to pay for it. However, you may be able to pay for the product with another form of payment.