Did you know that you can use your FSA (Flexible Spending Account) or HSA (Health Savings Account) to purchase a NozeBot? Most people don’t know this is possible, but it is actually very easy. You’ll be able to clear your kiddo’s congestion and use your pre-tax dollars to do it. Our website is set up to accept either your FSA or HSA cards (we will explain more about this below!) so that it really is as easy as shopping online!
Similarly, both types of accounts are initiated by your employer. If you are self-employed, you are eligible for an HSA if you have a high deductible health plan (HDHP) but not eligible for an FSA. According to Forbes, “Both a healthcare flexible spending account (FSA) and a health savings account (HSA) can cut your taxes and help you save money on medical, dental, vision and other qualified medical expenses.”
What's the difference between FSA and HSA?
Even though the two types of accounts may seem the same, there are some important differences to note so you’re able to choose the type that makes the most sense for you and your family.
Here are some key differences:
An FSA is only established through your employer and operates in a “use it or lose it” capacity, meaning that if you don’t use those dollars, they are not eligible to be carried over year to year. There aren’t investing opportunities available with an FSA account. FSA dollars are also available the day that you enroll in your insurance plan.
You can access a comprehensive list of FSA eligible items here.
An HSA works a little bit differently. In order to contribute to an HSA you must first qualify and meet the following requirements:
- You are not claimed as a dependent on anyone else’s tax return.
- You are not enrolled in Medicare.
- You are covered under a high deductible health plan (HDHP).
Most HSA plans do require a minimum contribution to your account and different investing options vary from employer to employer. Unlike an FSA, your HSA contributions can rollover year to year and funds will not be lost if you change employers. Forbes also states that, if you do not use your HSA funds for qualified medical expenses, it is subject to an additional tax of 20%. Lastly, the IRS does limit the amount of money that you can contribute to your HSA. You can learn more about the tax benefits of an FSA or HSA from the IRS here.
You can access a comprehensive list of HSA eligible items here.
How to Use Your FSA or HSA to Buy a NozeBot
First, why is it so important to have our NozeBot nasal aspirator handy? It is common for babies and young children to suffer from nasal congestion. But unlike older children and adults, they can’t clear their nose on their own. To make matters worse, most babies can’t breathe through their mouths for the first year of life! Fortunately, you can provide relief with a nasal aspirator—a device that uses suction to remove mucus safely from a baby's nasal passages. The NozeBot is rechargeable, portal, can be cleaned in the top rack of the dishwasher, and designed to be used one-handed - setting it apart from any other nasal aspirator on the market!
According to Healthcare.gov, you can utilize your FSA funds by making a purchase for an approved medical expense with your FSA card (just like you would use your regular debit or credit card). Each FSA provider may handle this process differently, so you may need to speak with your provider to inquire about any specific situations where you would need to submit a claim.
Your HSA card can be used the same way as your FSA card. It can be used at the doctor, to purchase from merchants selling certain medical products (like the NozeBot!), or to make other approved transactions online and in-store.
Once you have purchased your NozeBot, here are some great references:
If you have any questions about using your FSA or HSA to purchase a NozeBot for your family, we advise you to speak with your insurance company or FSA/HSA provider for further clarification.
The Nozebot is a battery-powered suction device designed to clear nasal congestion in babies and children.
