A flexible spending account, or FSA, is a way for you to set aside money for qualified medical, dental or vision expenses or dependent care.
You fund an FSA through pre-tax deductions from your paycheck. The total amount you choose to deposit is taken out of your paycheck over time, but you get the full amount for use at the beginning of the year. Your employer owns the account, but you are the one who funds it and decides how to spend the money. Only you and your employer can contribute to the FSA.
Flexible spending accounts also help you save on taxes. The amount you put into the account is deducted from your pre-tax income, which could put you in a lower tax bracket. And the money you put in is not taxed, either.
What is an HSA account?
A health savings account is a tax-advantaged personal savings account that works in combination with an HSA-qualified high-deductible health insurance policy (HDHP) to provide both an investment and health coverage.
The savings account provides the funds you use to pay medical expenses or — if you don’t need to use it — is an interest-bearing nest egg that grows over time. The HDHP, meanwhile, is your safety net should you need catastrophic coverage for major medical expenses.
Only your employer can set up and administer an FSA under the IRS code subject to detailed rules. The guidelines cover requirements for the legal documents, including the plan description, its benefits to participants, eligibility and nondiscrimination, and the administration of the plan once established.
After enrolling in an FSA or HSA plan, you can pay for FSA and HSA eligible items through reimbursements from your plan administrator.
Step2health.com currently does not accept FSA or HSA cards as a payment method. Please use a credit, debit, or gift card to pay for your order with FSA and HSA eligible items, then submit your order receipt to your plan administrator for reimbursement.
To receive reimbursement for eligible items, please submit your saved receipt along with an online or paper reimbursement form in accordance to your plan's policies. When submitting reimbursements, you can typically elect to receive the reimbursed payments in the form of a direct deposit to a selected bank account, or as a paper check.
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