FSAs can help cover health-care expenses such as copayments, coinsurance and deductible payments, over-the-counter medications and menstrual products as well as dental and vision care costs – with one key restriction: they cannot be used to fund cosmetic procedures like hair removal.
Sally has a high-deductible health plan and deposits pre-tax dollars into an FSA and Limited Purpose FSA (LPFSA). Here are some items Sally can cover with her Flex Spending Account:
Insurance
Recent years have witnessed an expansion of items reimbursed from your FSA or HSA. You now can receive coverage for many more things, from acne treatments and light therapy devices to compact versions of these products. It’s important to remember, though, that some products won’t qualify if not consumed within their allotted time period.
An FSA (flexible spending account) allows employees to cover health care expenses with pre-tax money. Employee contributions are made monthly and the funds can only be used on eligible expenses – saving significant money in taxes! Although more approved expenses are being added each year, you should use caution when buying products with FSA funds as these may not qualify as medically necessary and exceeding annual contribution limits may result in taxes being withheld from your paychecks.
An FSA can be an excellent way for those with high-deductible health plans to reduce out-of-pocket healthcare expenses and get more for less with their paycheck. Prescription drugs, over-the-counter medicines and eligible expenses can all be paid through this account while payroll taxes can also be decreased as an employee takes home more take-home pay. There are two different kinds of FSA accounts: limited purpose FSA and health savings account (HSA); the latter typically provides greater flexibility as it can cover more healthcare expenses.
Laser hair removal is considered cosmetic surgery and typically not covered by private insurance plans. There may be instances in which this procedure could be considered medically necessary; in such cases, please speak to both your physician and insurance provider to learn more information.
If you want to maximize your FSA or HSA benefits, choosing an FDA-cleared and FSA/HSA eligible device for acne treatment is key to making the most of them. Popular examples are reVive Light Therapy Poof, Spot, and Essentials which can all be purchased using FSA/HSA dollars; plus they’re portable so you can treat acne anytime, anywhere!
HSA
If you have enrolled in a high-deductible health plan (HDHP), you could be eligible for a flexible spending account (FSA). An FSA allows you to set aside pre-tax funds from each paycheck so you can cover qualified medical expenses like hair removal.
Be mindful of the limits of your FSA. Only spend money on qualified expenses as determined by the IRS; such as those used to diagnose, cure, mitigate, treat or prevent diseases or conditions or improve general health; non-essential cosmetic expenses are not eligible for reimbursement from an FSA, such as microblading eyebrows for treating alopecia or laser tattoo removal for acne treatment.
While hair removal costs can seem prohibitive, they’re worth investing in in the long run if you suffer from chronic issues like hirsutism or hormonal imbalances. Laser hair removal not only prevents unwanted growth but can reduce time spent shaving or waxing which ultimately saves money in the form of reduced shaving/waxing costs and shaving time overall.
Though many consider laser hair removal an expensive endeavor, remembering your health insurance can actually help save money when paying for this procedure. If you have an HDHP plan with flexible spending accounts available to them can help lower the overall costs significantly compared to if paid out-of-pocket.
Your flexible spending account can also cover other medical expenses, including band-aids, co-pays, reading glasses and sunscreen – these costs often fall under “medical” expenses so there should be no issue in justifying them as covered expenses under your HSA.
Sally knows she won’t meet her health plan deductible this year, yet wants a new dental and vision plan. So she puts the money she would otherwise spend on meeting it into two FSAs (Fiduciary Savings Accounts / Limited Purpose FSAs), with one designated solely for dental and vision expenses; another Limited Purpose FSA can then be used towards paying those costs without touching her deductible account at all.
FSA
FSA funds can be used for most health-related expenses, with some restrictions. You cannot use FSA money to pay insurance premiums but it may be used for copayments, coinsurance, deductibles and prescription medication – plus over-the-counter drugs, menstrual products and dental/vision care costs (excluding prenatal vitamins)! Unfortunately you cannot reimburse yourself using an FSA. The IRS publishes a list of eligible expenses in section 502 of their publication for your convenience.
Laser hair removal offers more permanent body hair reduction than shaving or waxing, with results that last much longer. Most people need four to six sessions for optimal results; treatments should take place four to six weeks apart for best results. Your individual results may differ based on skin and hair tone conditions and any additional sessions may be needed depending on individual preferences.
Laser hair removal providers typically offer flexible payment plans and some may accept credit cards; for more information about cost breakdown including consultation fee you should always refer to your specialist’s website or receptionist.
Laser hair removal requires only a short recovery period; sun protection and use of skin care products will help ease your recovery process. While you may experience some puffiness or redness at the treated site, recovery should generally not be as intense compared to other cosmetic procedures.
Employees can save themselves thousands by taking advantage of an FSA to cover healthcare expenses. Employers contribute pre-tax dollars into an FSA account, meaning employees get more take-home pay without paying taxes on medical expenses incurred. Balances can be monitored online and accounts accessed with immediate access via an FSA debit card; employees also have immediate access via an FSA & HSA store with first aid kits, skincare, haircare items and much more.
Cost
Laser hair removal can be an effective solution to unwanted body hair, but can be expensive. Before proceeding with this treatment option, discuss its costs with your specialist and receive an accurate assessment. Prices may differ depending on which part of the body needs treating, surgeon fees and geographic location.
Women and men often turn to shaving, tweezing, waxing, creams or shaving wax in an attempt to eliminate unwanted body hair. While these methods may be less costly in the short term, they don’t produce lasting results. Laser hair removal offers more permanent solutions, consisting of four to six week treatments scheduled at four to six week intervals with possible annual touch up sessions; it takes place in a doctor’s office and typically lasts 20-60 minutes per session.
Your HSA (health savings account) should cover the cost of laser hair removal treatment; however, always contact your HSA administrator prior to incurring expenses that might not normally fall within its purview. HSAs can even cover items not typically covered by insurance when supported with an official letter from your physician demonstrating medical necessity.
Cost of laser hair removal varies considerably based on where you live and which area of the body needs treatment. Smaller areas tend to be cheaper, and receiving multiple sessions at four- to six-week intervals is an efficient way of saving money; treating Brazilian bikinis alone could cost as much as $389; underarms and facial areas such as chins or lips tend to be much less expensive.
Laser hair removal costs may seem more costly than shaving or waxing, but it could save both time and money in the long run. You could utilize a flexible spending account (FSA) to cover this expense and take advantage of pre-tax dollars – saving even more money! An FSA also can be used to purchase band-aids, co-pays, reading glasses, sunscreen or any other everyday medical expenses that arise.
