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FSA: stands for Flexible Spending Account.
HSA: Health Savings Account

Throughout the current year, employees can use FSA funds for qualified medical expenses not covered by their health plan.

You can use your FSA account to pay for a variety of healthcare products and services for you, your spouse, and your dependents. The IRS determines which expenses are eligible for reimbursement.

Under the FSA use-or-lose provision, participating employees normally must incur eligible expenses by the end of the plan year or forfeit any unspent amounts.

• Under the carryover option, an employee can carry over up to $500 of unused funds to the following plan year.
• Under the grace period option, an employee has until two and a half months after the end of the plan year to incur eligible expenses.
• Employers can offer either option (not both) or no option.

IRS

FSA-Eligible Medical Items

Many items like Air conditioner, Air filter, Air Purifier may in limited circumstances be eligible with a Letter of Medical Necessity (LMN) with a flexible spending account (FSA), health savings account (HSA), or a health reimbursement arrangement (HRA).

In order to qualify, the primary purpose of FSA-Eligible items must be for treatment, diagnosis, mitigation or cure of a medical condition or disease.

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