What is an FSA account?
A Flexible Spending Account (also known as a flexible spending arrangement) is a pre-tax account you put money into that you use to pay for certain out-of-pocket health care costs.
This account is set up by your employer. Employers may make contributions to your FSA, but aren’t required to. They will also determine whether funds will roll over to the next calendar year or expire.
You use your FSA by submitting a claim to the FSA (through your employer) with proof of the medical expense and a statement that it has not been covered by your plan. You will then receive reimbursement for your costs. Ask your employer about how to use your specific FSA.
What is an HSA account?
A Health Savings Account allows you to put money into a pretax account but unlike an FSA account, to contribute to an HSA you have to qualify and meet these requirements:
You are not claimed as a dependent on anyone else’s tax return.
You are not enrolled in Medicare.
You are covered under a high deductible health plan (HDHP).
This account can either be set up by an employer or set up independently. If set up by an employer your contributions are not subject to payroll or income taxes. If you set up the HSA independently, you can deduct contributions to your federal income tax return.
Can I use my Flexible Spending Account to purchase BIOSENSE?
In most cases you can use your FSA account to purchase a BIOSENSE®. If your current plan covers weight management & nutritional foods, Biosense should be eligible for coverage. Biosense is an FDA approved class one medical device for breath ketone monitoring.
If you have any questions, please contact our customer service team at email@example.com.
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