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A flexible spending account (FSA) is a benefit plan set up with your employer.
It allows you to voluntarily withhold a portion of your paycheck to pay for approved
health care expenses before your taxes are taken out. Contributing to your FSA
is a great way to reduce your taxable income and save money on your health care.
Here's how it works
- You decide how much money to automatically deduct from your paycheck.
- Your money goes into an account managed by your insurance company (accessed
only by you). - For in-store purchases only - Pay with your FSA prepaid benefits card and your account is automatically deducted. There is no need to submit receipts.
- For online or in-store purchases without an FSA debit card - Submit
your
receipts to your insurer and you're reimbursed with the funds saved in your FSA.
Keep track easily
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Your Walmart receipt will
identify qualified health care products with an ”H” to the right of the item code (UPC), and also provide a subtotal of the FSA-eligible purchases.
Many health-related items you regularly buy qualify under most
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What does FSA mean?
FSA stands for flexible spending
account. An FSA allows you to voluntarily withhold a portion of your paycheck to
pay for approved health care expenses. The funds you put in your flexible spending
account are deducted from your wages before taxes are taken out, meaning
you'll have less income to report when it's time to file your taxes — and have
more money in your pocket. If the funds are not used by March 15 of the year
following the contribution, the funds are forfeited and cannot be rolled over or
refunded to you.
How do I know which products are
FSA-qualified?
When you shop at a Walmart
store, your receipt will identify the FSA-eligible items with an ”H” to
the right of the item code (UPC), and also provide a subtotal of the FSA-eligible
purchases.
Items that meet the above criteria are flagged as eligible in the store item file.
When an FSA card is used to purchase items, Walmart's registers will
make the determination on which items meet the eligibility requirements based on
IRS guidelines. Items that meet the eligible requirements will be charged to the
FSA card. Non-eligible items must be paid with another form of payment.
Program eligibilities vary, and only
your plan administrator can tell you which products and services qualify.
How do I pay for health care expenses
with my FSA funds?
When you shop online at Walmart.com,
you'll print out the confirmation page (or your confirmation email) and submit
it to your account administrator. They'll process a reimbursement for your
FSA-eligible purchases out of your FSA account.
When shopping at your local
Walmart, you'll have a few more options. You can:
- Use a FSA debit card supplied by your health insurer, and the cost of your eligible health care purchases will automatically be deducted from your account. There is no need to send in your receipts.
- If you don't have an FSA debit card, save your receipts, which will identify the FSA-eligible items with an ”H” to the right of the item code (UPC). Submit the receipts to your insurer, who will reimburse you from your FSA savings.
What is Walmart's item
validation / substantiation program?
Participating FSA Processors Cards
and an eligible item list are maintained within Walmart's system. When a
participating card is presented for payment, Walmart's cash registers
will only charge the FSA card for the eligible items. Non-eligible items require a
payment with cash, check or another form of payment.*
Health and Drug Information
Accepting flexible spending accounts
is just one way in which Walmart wants to help you make smart health care
decisions – and the most of your health care budget. Learn about prescriptions,
health, wellness, nutrition and more in our
Health and Drug Information section,
or visit our Medicare Resources
page to learn more about Medicare and programs available to save you money
on your prescription needs.
*A reason your FSA cards may not have
been accepted at your Walmart or SAM'S CLUB may be that the item(s) being
purchased aren't FSA-eligible.
It's also possible that the specific
FSA program in which you are enrolled does not participate in Walmart's
FSA item validation program. Please be aware that there are many FSA processors,
and not all of them have signed an agreement to participate.
To get your FSA card accepted, inform your TPA or insurance administrator that you
would like them to participate in Walmart's FSA item validation program.
There will occasionally be instances in which the specific FSA administrator may
not have entered into an agreement with Walmart stores, but their
administrator's cards can still be accepted. In these instances, an FSA administrator
can limit purchases to the co-pay amount or multiples of the co-pay amounts. The
transaction can also be declined if the member doesn't have a prescription on file
in the Pharmacy benefit manager database.
© 2009 Wal-Mart Stores, Inc.
