North Olmsted, Ohio... In today's economy, we're all looking for ways to save, and a Health Flexible-Spending Account (FSA) is an ideal way for consumers to save significantly each year. This tax-advantaged account allows employees to set aside a portion of earnings to pay for qualified health expenses. Money is simply deducted from the employee's pay into the FSA and is not subjected to payroll taxes.
While most often used to cover traditional medical expenses, such as prescriptions and doctor visits, FSAs allow many additional purchases. According to IRS Publication 502, "you can include in medical expenses amounts you pay for special equipment installed in a home, or for improvements, if their main purpose is medical care for you, your spouse, or your dependent."