Maintaining your health and wellness can be expensive.
Offset some of these costs through a flexible spending account (FSA) or health savings account (HSA). Many HSA and FSA providers will cover pre-taxed health expenses, such as the Million Marker Detect & Detox Test Kit. Learn about toxic exposures in your everyday food, cleaning, and beauty products and get reimbursed for it. Here's everything you need to know about using FSA/HSA funds for parabens, phthalates, and BPA testing.
FSAs vs. HSAs: Explained
Make the most of your medical coverage. Save on your health expenses with an FSA or HSA.
FSAs (Flexible Spending Accounts) and HSA (Health Savings Accounts) are essentially pre-tax savings accounts specifically used for healthcare expenses.
After you make a qualified purchase, you must submit an itemized receipt to your HSA/FSA provider. Once approved, you will receive partial or full reimbursement for your purchase.
Live Toxic-Free with Million Marker & FSAs
Be proactive with your health and save some money! Use your FSA after making a purchase with Million Marker to offset your medical spending.
Many FSA providers will reimburse people for Million Marker purchases. However, you should always contact your provider before making any wellness purchases. Confirm that they will reimburse you for your Million Marker Detect & Detox Test Kit pre-tax.
The IRS determines FSA eligibility by defining “qualified medical expenses" as covered expenses for medical and dental care.
Your FSA representative might ask a few questions about the Million Marker Detect & Detox Test Kit. Let them know that this body toxicity test doesn't require a prescription.
Explain that the Million Marker Detect & Detox Test Kit could be classified as:
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Feminine Personal Care Treatments
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Home Medical Equipment
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Diagnostic Products
Tell your provider that this kit is a preventative health measure. Explain that you are testing the levels of hormone-disrupting chemicals in your body to improve your overall health.
Learn if you are covered for a Million Marker Detect & Detox Test Kit.
Email either: operations@fsastore.com or fsaadmin@fsastore.com.
Copy and paste this email:
To whom this may concern,
I am looking into eligibility requirements to register a product/item as FSA eligible without a prescription. I was wondering where and what the process is like for such a product/item to get approved? Thank you so much.
Kindly, YOUR NAME
Detox Your Home with Million Marker & HSAs
Get back some of your hard-earned money while taking preventative measures for your health. Use your HSA to get compensated for your Million Marker Detect & Detox Test Kit purchase.
The Million Marker Detect & Detox Test Kit could be classified under many HSA-eligible categories, including:
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Fertility enhancement
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Infertility treatment
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Medical records charges
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Activity tracker
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Diagnostic items/services
If your provider asks how this kit is a healthcare expense, explain that you suspect a hormone imbalance. There are endocrine-disrupting chemicals in our everyday products, and Million Marker has the only test that will measure your exposure to them.
Discover if your Million Marker Detect & Detox Test Kit is HSA-eligible.
Email either: askus@hsabank.com or businessrelations@hsabank.com
Copy and paste this email:
To whom this may concern,
I am looking into eligibility requirements to register a product/item as HSA eligible without a prescription. I was wondering where and what the process is like for such a product/item to get approved? Thank you so much.
Kindly, YOUR NAME
Reduce Your Toxic Exposures with HSAs & FSAs
We offer a variety of services at Million Marker that could be eligible for HSA or FSA reimbursements.
Be sure to ask your provider about Million Marker’s
Get the FAQs on HSAs and FSAs!
Still not sure if an HSA or FSA is worth the investment in your health? It’s good to be pennywise, but don’t be dollar foolish. Preventative health measures are the best long-term health plans. HSAs and FSAs allow you an opportunity to embody a healthier you!
FSAs
What are the benefits of an FSA?
Setting up an FSA is an investment in future health needs. They also come with some unique benefits that might help your current financial situation.
FSA funds are exempt from:
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Income taxes
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Payroll taxes for Social Security
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Payroll taxes for Medicare
Therefore, FSA funds provide savings to employees and employers. Plus, employees can save up to 30% on the money they contribute to their FSA. These features make FSAs an attractive addition to any employee benefits health package.
Are there any dependents who are eligible for an FSA?
Like many insurance plans, dependents are also covered on your FSA plan.
Dependents include:
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Spouse/partner
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Children (biological and adopted) up until the end of the month in which they turn 26
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Stepchildren up until the end of the month in which they turn 26
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Spouse’s/partner’s children (biological and adopted), so long they meet age and dependency requirements
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Children (biological and adopted) who are mentally or physically dependent before their 26th birthday, regardless of age
How much money can employees contribute to an FSA?
FSAs allow for higher contributions than HSAs. These contributions are always changing, and this information might not be the most up-to-date.
As of April 2022, individuals can contribute up to $2,850 to a personal FSA plan or $5,000 to a family FSA plan. Those who are over 55 years old can contribute up to an extra $1,000 per year until they reach 65.
When can an employee start contributing to an FSA?
FSAs aren’t available at every company. However, this program can be extremely beneficial for meeting your health goals with products like Million Marker’s Detect & Detox Test Kit.
You can join an FSA when:
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The employer offers a new benefits package that includes FSA options
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During open enrollment to be determined by the employer
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Within 30 days of being officially hired by the company
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When the employee experiences a life-changing event
Qualifying events vary by company guidelines. Common situations include a birth, death, marriage, or divorce.
What documents are needed for an FSA?
FSA requirements are dependent on the type of plan and other criteria. Learn more about FSA requirements here.
How does an employer set up an FSA?
Employers set funds aside by deducting a portion of the employee’s wage that is equivalent to the annual amount per paycheck. These funds are saved in an FSA for future reimbursements.
What is the FSA “Use It or Lose It Policy?”
The majority of FSA funds need to be spent during the calendar year from open enrollment.
There are two exceptions in which companies can offer their employees:
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Grace Period: FSA funds extend for 2.5 months
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Carryover: Employees may carry up to $500 over every year
Please discuss these options with your employer, as they differ from company to company.
HSAs
What are the Benefits of an HSA?
HSAs help you manage your healthcare expenses through a model that possesses built-in savings. For instance, HSAs lower your taxable income. You will pay less in taxes and have more money to spend on self-care.
HSAs work much like savings accounts. They provide you with tax-free interest that helps offset some financial burdens.
Unlike FSAs, HSA funds don't expire. You can transfer that money to your next employer's package or another HDPHP.
HSAs can also act as your retirement savings. These funds are available to you after the age of 65 without any penalties.
Are there any dependents who are eligible for an HSA?
Dependents can be covered for many FSA-eligible purchases. They must fit the definition of a dependent as per the HSA guidelines outlined by the IRS.
Your dependent must meet the following three criteria:
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Must live with you for more than one-half of a taxable year
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Not provide more than one-half of their own support during the taxable year
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Is under the age of 19, unless they are a student under the age of 24 at the end of the taxable year
Adopted or biological children who have a permanent mental or physical condition are also qualified.
How much money can employees contribute to an HSA?
Employers can set the maximum contribution amount for employees. These minimum contributions change regularly, so this information might not be the most up-to-date.
As of March 2022, single employees can contribute up to $3,650 in their HSA funds. A family HSA plan allows up to $7,300 in contributions.
When can an employee start contributing to an HSA?
You can contribute to an HSA at any time. HSA plans don’t have open enrollment periods like FSAs do.
What Documents are needed for an HSA?
You must file these three tax forms for an HSA plan:
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IRS Form 1099-SA
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5498-SA
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IRS Form 8889
How does an employer set up an HSA?
There are three significant steps for employers to set up an HSA. First, they need to determine if their employees have HSAs through individual or company-offered high-deductible health plans.
Next, employers must decide how much employees will contribute to their HSAs, and how much the company will contribute.
Then, the employer must create a Section-125 plan, which allows both employers and employees to add tax-free dollars to the HSA. Employees will send their payments to their bank-administered accounts. It's the employer's responsibility to send their contributions directly to the employee's accounts.
What are the limitations FSAs and HSAs?
Being a business owner can make setting up an FSA or HSA account challenging.
You are not eligible for an HSA or FSA if you:
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Own 2% of your corporation
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Are a Limited Liability Company (LLC)
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Are a professional corporation (PC)
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Are a sole proprietor
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Are a partner
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Have a schedule S corporation
Those with a C-corporation can have an FSA program. C-corporation employees file W-2s that the IRS may audit for FSA expenses.
Business owners with an HSA cannot make a pre-taxed contribution to their plan. They must use after-tax dollars. Therefore, business owners can claim this expense when they file personal income taxes, but not for business expenses.
Sources
[1] https://www.connectyourcare.com/assets/HSA_eligible.pdf
[2] https://www.connectyourcare.com/assets/FSA_eligible.pdf
[3] https://hr.fhda.edu/_downloads/FSA%20Supporting%20Documentation.pdf
[4] https://www.hsabank.com/hsabank/homepage
[6] https://www.bcbsm.com/index/health-insurance-help/faqs/plan-types/health-spending-accounts/fsa.html