lalalala...
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Vicky & Gandalf (GA) & Murrlin
Member Since 2009
Re: pre-tax FSA account helpful info
If memory serves me correctly laws were changed earlier this year requiring some otherwise OTC items to be prescribed by a doctor before they could be paid for with an FSA account. The result has been people asking their doctors for prescriptions for OTC items! Please verify that the list you have is the most current for non-prescription items. Test strips can be prescribed, so they would be covered if you can get your vet to write a script for them.
Many of us buy test strips much cheaper on Ebay if anyone is looking to save money.
If memory serves me correctly laws were changed earlier this year requiring some otherwise OTC items to be prescribed by a doctor before they could be paid for with an FSA account. The result has been people asking their doctors for prescriptions for OTC items! Please verify that the list you have is the most current for non-prescription items. Test strips can be prescribed, so they would be covered if you can get your vet to write a script for them.
Many of us buy test strips much cheaper on Ebay if anyone is looking to save money.
Julia & Bandit (GA)
Member Since 2009
Re: pre-tax FSA account helpful info
I looked into this earlier this year when they changed the rules for OTC meds--diabetic testing supplies are still covered, as well as syringes and insulin, and you don't need a script for any of them. What isn't covered anymore are things like asprin, cold medicine, etc. without a script.
Here's a good list that tells you what's covered, and what you need a script for: http://www.flex-plan.com/elgexp.aspx
I looked into this earlier this year when they changed the rules for OTC meds--diabetic testing supplies are still covered, as well as syringes and insulin, and you don't need a script for any of them. What isn't covered anymore are things like asprin, cold medicine, etc. without a script.
Here's a good list that tells you what's covered, and what you need a script for: http://www.flex-plan.com/elgexp.aspx
Melanie and Smokey
Member Since 2010
Re: pre-tax FSA account helpful info
Please be careful with this. FSAs and flex plans are for use on qualified medical supplies for the taxpayer and dependants. If you are diabetic and "sharing" supplies with your cat, probably not an issue. If you have no diabetic in the house you could have some potential tax fraud problems if you were ever audited.
It is OK if you feel confortable using FSA dollars on your cats supplies yourself. But, please don't promote it to others as something that is legal. When you get to the nitty-gritty, its tax fraud.
Please be careful with this. FSAs and flex plans are for use on qualified medical supplies for the taxpayer and dependants. If you are diabetic and "sharing" supplies with your cat, probably not an issue. If you have no diabetic in the house you could have some potential tax fraud problems if you were ever audited.
It is OK if you feel confortable using FSA dollars on your cats supplies yourself. But, please don't promote it to others as something that is legal. When you get to the nitty-gritty, its tax fraud.
SaraM2261
Member Since 2011
Re: pre-tax FSA account helpful info
Good point, just thought I was being helpful. Moderators, if you feel this post is harmful in any way feel free to scrap it. No hard feelings. New here and just getting my feet under me. Feeling very grateful that this board exists and is populated by so many great people.
Good point, just thought I was being helpful. Moderators, if you feel this post is harmful in any way feel free to scrap it. No hard feelings. New here and just getting my feet under me. Feeling very grateful that this board exists and is populated by so many great people.
Gail & Houdini (GA)
Member Since 2009
Re: pre-tax FSA account helpful info
I just re-read the rules on FSA accounts and it says "dependents" but it doesn't specify two legged or four legged :lol:
I just re-read the rules on FSA accounts and it says "dependents" but it doesn't specify two legged or four legged :lol:
Hillary & Maui (GA)
Member Since 2009
Re: pre-tax FSA account helpful info
Sadly in many states, 4 legged dependents are considered property and not dependents. And property isn't FSA-able.
Now that isn't to say, what you claim and may be able to get away with. But just prepared if you or your FSA provider are ever audited, you may have to pay for your 4 legged property.....
Sadly in many states, 4 legged dependents are considered property and not dependents. And property isn't FSA-able.
Now that isn't to say, what you claim and may be able to get away with. But just prepared if you or your FSA provider are ever audited, you may have to pay for your 4 legged property.....
A
Anonymous
Re: pre-tax FSA account helpful info
I understand that you don't pay taxes on the money you put into that account .... but when you use it you pay taxes on the amount used year end. I think you get a form for it...?
I had money left over in mine after I lost my insurance and have used it often in purchasing supplies for NK.
And NK means ME of course.
I just like to test my bg's :lol: so I don't become pre-diabetic!
I understand that you don't pay taxes on the money you put into that account .... but when you use it you pay taxes on the amount used year end. I think you get a form for it...?
I had money left over in mine after I lost my insurance and have used it often in purchasing supplies for NK.
And NK means ME of course.
I just like to test my bg's :lol: so I don't become pre-diabetic!
Melanie and Smokey
Member Since 2010
Re: pre-tax FSA account helpful info
No Lori, any amount used for qualified medical expenses paid out of an FSA is not taxable. You get the form because they need to report what was withdrawn in case it is being spent on non-qualified expenses. Of course if you are buying supplies for NK, those aren't qualified expenses so you should be paying taxes on those amounts.
The problem with spending the funds for ineligible expenses is, if caught, you could also face penalties. I know people are making light of the matter, and you need to be caught to have it matter, so the odds of it mattering are slim. But it concerns me when I see people put it on open forums on the internet for all the world (and IRS auditors) to see that they are misusing their FSA and flex funds.
No Lori, any amount used for qualified medical expenses paid out of an FSA is not taxable. You get the form because they need to report what was withdrawn in case it is being spent on non-qualified expenses. Of course if you are buying supplies for NK, those aren't qualified expenses so you should be paying taxes on those amounts.
The problem with spending the funds for ineligible expenses is, if caught, you could also face penalties. I know people are making light of the matter, and you need to be caught to have it matter, so the odds of it mattering are slim. But it concerns me when I see people put it on open forums on the internet for all the world (and IRS auditors) to see that they are misusing their FSA and flex funds.
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