If you're married and have an FSA flexible spending account , you've probably wondered whether or not you can use it as dependent care to pay for your spouse's health insurance premiums. So, let's get right to it. Unfortunately, the answer is no, you can't use your FSA funds to pay for your spouse's health insurance since premiums don't qualify as an eligible FSA expense which means you can't use your FSA for your own insurance premiums, either.
Maybe that's not the news you wanted to hear. But the important details come from learning why they don't qualify. So, let's take a look at why your spouse's insurance premiums aren't covered - and learn what is - so you know what to expect when planning medical expenses for your family. So, while health insurance premiums help pay for medical care, the money you pay to the company isn't being directly applied to any specific treatment or diagnosis for a medical condition.
This means that insurance premiums don't fall into any FSA-eligible categories. The purpose of an FSA is to cover out-of-pocket expenses for medical care that aren't already covered by your regular health insurance. It's meant to help you bridge the gap between what your insurance pays and what you're expected to pay by allowing you to use pre-tax dollars set aside in your paycheck. Keep in mind that when submitting a claim for over-the-counter medicines and products, a detailed receipt naming the product will be required.
The Food and Drug Administration has determined that the import of prescription drugs from Canada and other foreign countries is illegal. As a result, the IRS does not allow reimbursement for these purchases from flexible spending accounts.
A dependent care expense refers to day care for children under age 13 or day care for a disabled spouse, dependent, or elderly parent who lives with you at least eight hours a day. Dependent care expenses must be necessary for you and your spouse if applicable to work. You must submit documentation of your expenses along with the Reimbursement Request Form. Documentation can include a copy of the bill or Explanation of Benefit report from your insurance carrier.
Documentation must include the cost and date of service. Canceled checks, past due notices or receipts are not acceptable documentation. It may take several days from the date you are paid to receive Dependent Care FSA reimbursement because the money must be in your account before you can get reimbursed.
During those months, services received are not eligible for reimbursement from your FSA. Please contact a Benefits Specialist regarding options for your FSA account during your unpaid leave. For a Health Care FSA, you may request reimbursement through March 31 of the following year, for expenses incurred while you were an active employee on the plan.
For a Dependent Care FSA, you may request reimbursement during the plan year even if the expense was incurred after your separation from the College. You may elect to continue participation in the Health Care Account through COBRA federal law allowing continuation of health care benefits by making contributions on an after-tax basis.
This option may be desirable for individuals who have a balance in their Health Care Account and will lose it unless they elect to continue participation. Please contact a Benefits Specialist if you wish to pursue this option. If my spouse has an FSA account through their employer, can I set up one, too?
What is the FSA plan year? Will my participation continue from plan year to plan year automatically? We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses.
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