I have a balance in my FSA account at work, and if I don’t spend it by December 31st, I lose the money! Are SpinLife’s products eligible under the FSA guidelines, and can I use my FSA debit card to make purchases from SpinLife?
Both of those questions are asked frequently around here, particularly in December, since many Flexible Spending Account plans do not offer a grace period. If your plan does not have a grace period, your unspent dollars actually do disappear at midnight on New Year’s Eve…Don’t let that happen!
Let’s talk a little about what an FSA is intended for. You probably know your Flexible Spending Account is funded with pre-tax dollars. So the deposits in your FSA are your actual earnings, without taxes taken out. That gives you much greater buying power to pay for must-have items of a medical nature. The IRS allows this only for the purchase of qualified items (as set forth in their guidelines) to ensure that FSA money is spent on legitimate medical expenses, not other things.
Here’s an example: Let’s say for instance, you purchase a rolling walker from SpinLife using your FSA debit card. Purchasing a medical device from a medical equipment company is considered a legitimate medical expense, so it would be allowed. What if you purchase a skateboard from a sporting goods store using your Flexible Spending Account debit card? Sporting goods are not medical devices, not considered a legitimate medical expense, so it would not be allowed. Both a rolling walker and a skateboard may have four wheels, but they are made for very different purposes. As such they are treated differently by the IRS.
So, are SpinLife’s product eligible under FSA guidelines?
Yes they are! According to every policy statement we’ve seen so far, the purchase of durable medical equipment is a qualified expense under the IRS guidelines for Flexible Spending Accounts. You can order mobility equipment from SpinLife and use your FSA dollars to pay for them. For most items no prescription is required.
Your employers benefit plan should have a list of qualifying expenses under your individual plan. Look for the listing under Durable Medical Equipment for items particular to your plan. Eligible items can include Lift Chairs, Mobility Scooters, Power Wheelchairs, Medical Beds and Wheelchairs, to name a few.
Shop with confidence using your FSA debit card on our website. If you prefer, speak personally with one of our Product Specialists to place your order. Most FSA debit card transactions authorize easily using our secure online checkout. If you encounter any issues simply give us a call at 800-850-0335 and one of our customer service representatives can provide processing assistance.
Happy shopping, and Happy Holidays from your friends at SpinLife!