What is Island Flex?
Island Flex allows employees to pay for eligible health and dependent care expenses with TAX FREE money by redirecting a portion of their salary to a Medical Spending Account and/or a Dependent Care Spending Account.
What can you spend FSA money on 2021?
Over-the-counter medications and monitoring equipment: Stock up on ibuprofen, acetaminophen, certain vitamins and supplements, antacids, pain relief gels and pads, and other OTC treatments for when you aren’t feeling so hot. You can also use your FSA for blood pressure monitors and a lot of diabetes care supplies.
What is covered by flexible spending account?
An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices. You aren’t taxed on this money. …
What is eligible for FSA reimbursement?
Typical items eligible for reimbursement include co-insurance payments, deductible payments, eyeglasses, hearing devices, prescription drugs, psychiatric care and emergency ambulance service.
Is Apple Watch FSA-eligible?
Apple Watches are not considered medical devices and therefore cannot be bought with FSA funds. Even if a doctor says it’s a medical necessity there’s nothing that states Apple Watch is a medical device.
Are toothbrushes FSA-eligible?
General health items such as toothbrushes are not eligible for reimbursement from a health FSA because they would be used even if there is no recommendation from a dentist.
Where does unused FSA money go?
Where does the money go? Unused FSA money returns to your employer. The funds can be used towards offsetting administrative costs incurred during the plan year, employers can also reduce annual premiums in the next FSA year, or funds must be equally distributed to employees who enroll in an FSA for the next year.