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Flexible Spending Account and Health Savings Account FAQs

Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are health benefit accounts that allow you to pay for out-of-pocket medical expenses with pre-tax dollars. FSAs are a benefit offered by your employer while HSAs are a benefit offered with high deductible insurance plans (HDHPs).

 

For 2021, you may contribute up to $2,750 of your pre-tax dollars to your FSA for individual plan holders, and up to $5,500 for family coverage. For HSAs, you may contribute up to $3,600 for individual plan holders and up to $7,200 for family coverage. You cannot contribute to both an FSA and an HSA at the same time.

Riteaid.com currently does not accept FSA or HSA cards. Please use a credit card, debit card, or Paypal at checkout to pay for orders containing FSA and HSA eligible items.

 

Please keep a copy of your online or in-store receipt to submit to your benefit plan administrator for reimbursement on all FSA and HSA purchases.

 

Prefer to shop in-store? You can use your FSA or HSA card in-store at a Rite Aid near you!

The IRS determines what expenditures qualify for FSA and HSA reimbursement, you can view Publication 969 on the IRS website for more information. We are a member of SIGIS which works with the IRS and benefit plan administrators to enforce the FSA and HSA eligibility items list.

 

Items that qualify for FSA and HSA reimbursement are typically healthcare items, however not all healthcare items apply. You can browse Rite Aid’s full list of FSA and HSA eligible items here.

 

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) act that was signed into law on March 27th, 2020, you can now use your FSA and HSA dollars for feminine care items. The bill also included permanent changes to the rule that required you to obtain a doctor’s prescription for over-the-counter products. You can now use your FSA or HSA card to shop over-the-counter medicine without a prescription.

 

Although Rite Aid abides by the FSA and HSA product eligibility guidelines as set out by the IRS and SIGIS, Rite Aid does not guarantee that you will be reimbursed for your purchase of these items on our site or in-store. Please check with your employer or benefit plan administrator for specific reimbursement guidelines for your plan. 

We sell thousands of FSA and HSA eligible items at Rite Aid! You can find all of the FSA or HSA eligible items here, or you can look for the “FSA and HSA eligible” label on the product page when browsing online.

FSA funds should be spent on eligible medical expenses within your benefit plan year. Any unused funds will go back to your employer. Select FSA plans may have a carryover period OR a grace period to help avoid losing FSA funds at the end of your benefit plan year. Your plan may also have a run-out period, which will give you additional time to submit your reimbursement claims for the prior benefit plan year.

 

For example, if you have a December 31st FSA deadline, you may have the option to carry up to $550 of your balance to your new plan year. OR you may have a grace period that will allow you an additional two months and fifteen (15) days (e.g. March 15th) to spend your FSA dollars on qualified expenses.

 

Employers do not have to offer any of these options for their FSA plans, so please check with your benefit plan administrator on what options you may have at the end of your plan year.

HSAs do not have a deadline to use your funds, so you are able to rollover your balance at the end of your benefit plan year as long as you are still covered by a high deductible insurance plan. There is no deadline to submit your receipts for reimbursement.

 

You are also able to contribute to your HSA for the current tax year up until April 15th of the following year. Meaning, for your 2020 taxes, you can contribute to your HSA up until April 15th, 2021. 

The IRS restricts the stockpiling of items in order to use up your FSA funds. Your account is intended to be used for purchases of items that you and your dependents can reasonably use during your plan year. You may be at risk of having your FSA or HSA reimbursement claim denied if you buy a large quantity of any particular item. For more information on the stockpiling rule, please consult with your benefit plan administrator.

Customers will be refunded on their original form of payment for items purchased at Rite Aid and cannot be exchanged for a gift card. Rite Aid is not responsible for FSA funds lost for items you’d like to return in your previous benefit plan year. 

Please find a Rite Aid near you if you are looking to submit a last minute reimbursement claim to your benefit plan administrator. If you are shopping with Rite Aid online, FSA and HSA eligible products must be ordered no later than two days before the end of your benefit plan year. For example, if you have an FSA deadline on December 31st, you must purchase FSA eligible products online no later than December 28th or you may be at risk of not having your credit card or approved payment method charged in the proper plan year. Payment is not charged until items in your order have shipped.

 

Prefer to shop in-store? You can use your FSA or HSA card in-store at a Rite Aid near you!


Disclaimer:

The content provided is from public sources and has been reproduced for our customer’s convenience. This content is meant to be an educational resource. For all questions regarding your FSA or HSA plan, please reach out to your benefit plan administrator of your plan or your human resources department.

 

Sources:

  1. “Health Savings Account (HSA)” - HealthCare.gov Glossary. (n.d.). Retrieved November 22, 2020, from https://www.healthcare.gov/glossary/health-savings-account-hsa/
  2. “IRS provides tax inflation adjustments for tax year 2021.” (2020, October 26). Retrieved November 22, 2020, from https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2021
  3. Stephen Miller, C. (2020, November 10). IRS Announces 2021 Limits for HSAs and High-Deductible Health Plans. Retrieved November 22, 2020, from https://www.shrm.org/ResourcesAndTools/hr-topics/benefits/Pages/irs-2021-hsa-contribution-limits.aspx
  4. Stephen Miller, C. (2020, November 20). 2021 FSA Contribution Cap Stays at $2,750, Other Limits Tick Up. Retrieved November 22, 2020, from https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/2021-fsa-contribution-cap-and-other-colas.aspx