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What are FSAs and HSAs?
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both tax-advantaged accounts designed to help individuals save money for qualified medical expenses. However, there are some key differences between the two:
Flexible Spending Accounts (FSAs)
– allows employees to set aside pre-tax dollars from their paychecks to pay for eligible medical expenses.
– funds must be used within the plan year or be forfeited, known as the “use it or lose it” rule.
– expenses may include medical copayments, eyeglasses, over-the-counter medications, and certain medical supplies.
Health Savings Accounts (HSAs)
– available to individuals who are enrolled in a high-deductible health plan
– contributions can be made by both employers and employees, and the funds contributed are tax-deductible or pre-tax.
– funds roll over from year to year and can be invested, allowing them to grow over time.
– can be used to pay for qualified medical expenses and certain medical services.
FSA/HSA Eligible and Dual-Purpose Products
All Solutions Rx products are HSA/FSA approved! However, some are HSA/FSA eligible and others are considered dual-purpose. Dual-purpose products may require a letter of medical necessity for reimbursement.
FSA/HSA Eligible Products
FSA/HSA eligible products are items or services that are considered qualified medical expenses and can be paid for using funds from your FSA or HSA. These products typically include items such as medical supplies, and certain medical services.
Superior Joint Support is FSA/HSA fully eligible!
Dual-Purpose Products
Dual purpose expenses are those items that promote overall health and well-being and can also be used to treat* a specific medical condition. Examples include vitamins and supplements such as:
- Prescription Support Multivitamin
- Superior Probiotic
- Superior Men’s / Women’s Multivitamin
- Superior Omega 3 / Superior Omega + D
- Digestive Wellness
- LC 655 (Magnesium supplement for Leg Cramp Support)
- Superior Sleep
- Superior Prostate
- MYLK
- Clarity Support
Letter of Medical Necessity
Certain items that are considered dual purpose may require a letter of medical necessity. A note of medical necessity is written by a practitioner and lists the specific medical condition as to why the expense is needed. Click here to access a letter of medical necessity.
*These statements have not been evaluated by the FDA. These products are not intended to diagnose, treat, cure, or prevent any disease.