FSA can help you save a certain portion of your earnings for healthcare expenses, but without being taxed. The maximum amount you can keep within the FSA account can be $2750 and it can be used to cover medical expenses and prescription medications.
Walmart is making it easier for customers to determine products they can purchase with the FSA cover. When you go to Walmart’s Walmart page and type in FSA for items, you will find FSA-eligible products grouped into various categories. Here’s all the details you need on how to locate FSA-eligible products at Walmart.
How Do You Use FSA Dollars?
You can utilize FSA dollars FSA money in two distinct methods. First, you can use it in stores when you shop, and then paying for eligible products by using your FSA card at the time of checking out.
Another method of using funds from your FSA dollars is to purchase eligible items, and later make a claim for reimbursement. You must take the receipt to the insurance company in order to get compensation for what you paid.
What Products Are FSA Eligible at Walmart?
There are a variety of medical and health merchandise that is FSA-approved in Walmart. They are divided into different categories to allow easy access. Here are a few categories that are available on the website.
- Vitamins and supplements
- First aid
- Management of diabetes
- Personal attention
- Home Health
- Mobility assists
- Pain relief
- Eye and ear
How Do You Pay for FSA Items on Walmart’s Website?
However, Walmart online shopping is not yet able to recognize FSA card as a valid option for payment. The only alternative is to make payment for your purchase with your credit card, debitcard, or gift card. Then, show your receipts to the plan’s administrator. The insurance company handles all reimbursement processes. Keep all receipts in order to claim the reimbursement.
How Do You Use FSA In-Store at Walmart?
You can make use of the FSA debit card in the same way you would use your other credit card you have in-store.
- After you have finished shopping, scan all your purchases, including FSA-approved products, at the point of purchase.
- Swipe your FSA debit card.
- The system will automatically calculate the amount of all FSA-eligible products according to the ID number of their items.
- You’ll need to pay for any other item that aren’t suitable to be covered by FSA using other means of payment, such as debit or cash, and credit cards.
The great thing about using your credit card to shop in Walmart is the fact that you don’t have to fret about what items are eligible. The system will recognize those that fall under that FSA category.
How Do You Get Reimbursed After Buying FSA Items Online at Walmart?
Because you are not able to pay using your FSA card at Walmart It is necessary apply for the reimbursement with your debit or credit card. Bring in the receipt from the purchase and an online or printed reimbursement form to receive compensation for FSA-approved items.
Be sure to follow all the email instructions to facilitate the process of refunding. If the funds are available the insurance company will notify you via email. Send in the required documents and receipts in order to receive the reimbursement. FSA policies can limit the number of days you can utilize your FSA dollars per year.
What Happens to Your Money if You Don’t Use All Your FSA Dollars?
There’s no reason to be discouraged when the year is over, but you have FSA savings available to utilize. Certain policies let you carry forward as much as $500 into the next year. Certain policies also allow you to have another two months as well as 15 days to make use of all the savings from the previous year.
However, you’ll lose your balance in the event that you haven’t utilized your funds in your grace time. In a case which allows you to carry forward up to $500, you’ll lose the balance if the sum remaining in your savings account is higher than the $500.
What Insurance Companies Offer FSA?
Many insurance companies offer FSA plans. Don’t assume that all insurance companies offer the service. Contact your insurance agent to inquire if they provide the FSA plan. Here are some firms that offer FSA.
Can I Use My FSA Card to Buy Groceries?
It is not possible to make use of your FSA card to purchase grocery items or any other items. You can however utilize it to purchase certain nutritional products and services. The items you purchase should serve a medical need.
IRS define it as price of diagnosis, cure or prevention of disease treatment or reduction, as well as the expense of treating any body part. In addition, the primary goal of purchasing a product should be to alleviate or prevent physical or mental ailments or deficiencies, and not to provide food for you.
Are Tampons and Pads FSA Eligible?
Yes, pads and tampons are now classified under medical expense, which makes them qualified to receive FSA money.
What Other Payment Methods Does Walmart Accept?
Walmart accepts many different options for payment in addition to FSA automobiles. Here’s the list of payment methods you can make use of at Walmart.
Cards for debit ( MasterCard, Visa. )
CapitalOne Walmart credit cards
- Credit card (Discover, AmericanExpress, )
- EBT (excluding online purchases for Louisiana, Alaska, or Montana)
- Gift cards
Walmart makes it easier for customers to find the FSA-compliant items they can purchase at their stores. They have created a dedicated page with all FSA items and have they have grouped them into categories. They also have the items in the system. They will debit the FSA account for eligible purchases after you swipe it.