Can I purchase the Stelo Glucose Biosensor with my FSA/HSA Funds?
What is an FSA?1 A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is an employee benefit that allows you to set aside money from your paycheck that you can use to pay for certain out-of-pocket health care expenses. Your FSA dollars can be used to cover medical costs, including eligible over the counter (OTC) healthcare products.[2]
What is an HSA?1 A Health Savings Account (HSA) is a type of savings account associated with an HSA-eligible health plan that lets you set aside money to pay for qualified medical expenses. You are eligible to put money into your HSA up to a certain yearly limit set by the IRS guidelines.[3] If you want to reimburse your Stelo purchase using FSA/HSA funds, please check with your plan administrator to ensure your purchase meets their requirements.
IRS Publication 502 provides the definition of a qualified medical expense for purposes of FSA/HSA coverage. Qualified medical expenses include the cost of devices used in diagnosing and treating illness and disease. Stelo is a glucose biosensor that delivers reliable glucose information to manage your glucose and lower your A1C and is therefore a qualified medical expense.
[1] The list of FSA/HSA approved items is maintained by the IRS and may change at any time. If you have questions or concerns about FSA/HSA qualified expenses, don’t hesitate to ask your plan administrator for more information and check your plan documents carefully. Questions about reimbursable health care expenses should be referred to a tax consultant.
[2] https://hr.nih.gov/benefits/insurance/flexible-spending-accounts
[3] https://www.healthcare.gov/high-deductible-health-plan/hdhp-hsa-work-together/
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How do I reimburse my Stelo purchase with FSA or HSA funds?
If you want to reimburse your Stelo purchase using FSA or HSA funds, check with your plan administrator to ensure your purchase meets their requirements.
What should I do if my FSA or HSA card is declined?
If your FSA or HSA card is declined at check out when purchasing Stelo, contact your employer or plan administrator for the account.