At Rainwater Spa, we are now accepting medical FSA and HSA debit cards as methods of payment. Come in and receive any medically beneficial service and use your health care plans to pay for it! Here’s a brief description about FSA and HSA debit cards as well as who can use them and what benefits you can receive from these special health care cards.
What is an FSA card?
A flexible spending account or flexible spending arrangement (FSA) is an account that can be set up through a U.S. employer’s cafeteria benefit plan. An FSA card allows an employee to reserve a portion of their salary to pay for certain medical and non-medical expenses that are specified under the employer cafeteria plan. The money deducted from an employee’s pay will not be taxed, however, the funds within the Flexible Spending Account will be lost if not used by the end of the plan’s year.
What is an HSA card?
An HSA is a medical savings account that is available to taxpayers who belong to an HSA-qualified high-deductible health plan. An HSA card, commonly called a health savings account, is similar to a flexible spending account with the exception that funds are not lost at the end of the plan’s year. Funds within a health savings account can be rolled over from year to year so that you never have to worry about losing what’s in the account. A health savings account also has tax advantages, as they are not taxed at the time they are deposited into the account.
Who qualifies for an FSA or HSA debit card?
To qualify for an FSA card, you must be an employee for an agency that has adopted the Federal Flexible Benefits Plan or FedFlex.
If you belong to a high deductible health plan with a Health Savings Account, you will not qualify for the general FSA yet you could still be eligible to receive a Limited Expense Health Care FSA or a Dependent Care FSA.
In order to qualify for a health savings account, you must have a high deductible health plan, no other forms of insurance coverage, and not claimed under anyone’s tax returns as a dependent.
For more information concerning eligibility and enrollment in these programs, please contact the U.S. Office of Personnel Management or the FSA Feds.
What are the Benefits of FSA and HSA debit cards?
One benefit of the medical FSA cards is that the qualified employee has the ability to use all of the available funds for the upcoming year at any point of time during that year. For example, if an employee experiences a medical situation within the first quarter of the year, all the funds available for the entire year can be used at that time. If the employee quits, is terminated, or cannot return to work, those funds do not have to be paid back to the employer.
Paying a lower premium is another benefit of a high deductible health plan. When you have a higher deductible, you also receive a lower premium because insurance companies believe that employees under these health plans are more conscious of health care spending and will use less medical care in addition to a preference of lower-cost health options.
With a health savings account, the high deductible health plan typically will cover 100 percent of the costs without the aid of coinsurance. Especially since HSAs have the ability to roll over funds, these accounts will flourish with assets including usage for tax-free health care and tax-deferred retirement.
It’s clear to see the benefits of having FSA and HSA debit cards. Get yours today and start saving for a better future. At Rainwater Spa, we gladly accept these FSA and HSA debit cards to assist you with your medical needs. It’s easy to get approved–with a doctor’s prescription, the FSA and HSA programs will gladly cover the costs of your Rainwater Spa massage. Get approved today and start receiving the treatment you deserve at Rainwater Spa!