In-Depth Information and Resources for Seniors and their Families
Flexible Spending Accounts
Understand how FSAs work, what expenses they cover, and when to use them for cost-effective healthcare spending.
How to Use Health Savings & Flexible Spending Accounts
Learn how HSAs and FSAs can ease costs of in-home dementia care, giving families peace of mind and better financial control over health expenses.
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Learn how Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) can support in-home dementia care and provide greater financial control:
- 🧾 Use HSA and FSA funds to cover eligible in-home dementia care expenses, including caregiver support, medical supplies, and certain home modifications.
- 🧠 These accounts offer tax advantages, helping families reduce out-of-pocket costs while managing the ongoing needs of a loved one with dementia.
- 💳 Track receipts and stay informed about qualified medical expenses, as improper use may lead to penalties or additional taxes.
- 🏠 In-home care services must often be prescribed by a doctor to qualify for reimbursement under FSAs and HSAs.
- 💼 Plan contributions thoughtfully, as FSAs are typically "use-it-or-lose-it" while HSAs roll over and can be invested for future medical costs.