Using FSA’s and HSA’s for FM/a®

Many companies offer Flexible Spending Accounts (FSA) and/or Healthcare Savings Accounts (HSA) to help employees pay for qualified medical expenses not covered by their insurance- including laboratory services.

FSA/HSA accounts allow you to set aside a portion of your paycheck in order to pay for qualified medical expenses. The money you elect to contribute is deducted from your pay and transferred directly into your FSA/HSA account and, therefore, is not subject to payroll taxes. After incurring eligible medical costs, you can then submit your receipt for reimbursement from your FSA/HSA provider.

Since FM/a® falls under medical laboratory tests, these costs can qualify for FSA/HSA reimbursement. If your company offers an FSA/HSA program and you know you’d like to use it to pay for FM/a®, plan ahead and consult your benefits department. When it comes time to enroll in your program, you can authorize a deduction for the appropriate amount for your FM/a® test and save up to 40% while doing it, since it’s a pre-tax contribution.