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Old 07-26-2007, 10:25:16 PM   #3 (permalink)
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Default Re: Saving Money with a Flexible Spending Account

Can I "double dip" a coupon, rebate, or refund on my FSA-reimbursed expenses? No. FSA can only be used to reimburse your actual out-of-pocket expenses. You cannot legally receive FSA reimbursements for expenses that were otherwise reimbursed.


Can I receive FSA reimbursements for items I donate to charity or give to other people? No. FSA is only reimburseable for your own (or family if included in your coverage) medical expenses. Just like other health insurance coverage, it is not "shareable" with others. Charitible donations may qualify for other tax deductions not discussed here.


What documentation do I need to submit for reimbursement of eligible OTC drugs?
Along with your completed and signed claim form, you typically need to submit an itemized receipt from the provider indicating the following:
  • name of the provider or name of retailer where items were purchased
  • date of the purchase
  • word description of the item being purchased (a handwritten description is not acceptable)
  • your out-of-pocket cost for the service
If your receipts do not have this information pre-printed, you will need to submit the product label, along with the receipt with the price. Your signature on the claim form certifies that you, your spouse, or your dependent will use the item purchased.
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