With the cost of a baby monitor ranging from $50 to upwards of $200, parents may wonder if they can use their FSA (flexible spending account) to purchase one. The answer is that it depends on your FSA type and your employer’s particular plan. Do you know about is baby monitor FSA eligible? This blog post will explain what you need to know about using an FSA account to purchase a baby monitor.
What is an FSA Account?
An FSA Account (or Flexible Spending Account) is a tax-advantaged savings account that covers out-of-pocket medical costs and daily purchases. This account can benefit those who are self-employed or have jobs that don’t offer health benefits since it allows them to set aside money upfront for healthcare without paying taxes on that income.
Additionally, funds held in the account can be used for qualified expenses such as vision and dental care, orthodontics, medical supplies, and more. Because funds are withdrawn pre-tax, users can save 15 – 40% on out-of-pocket expenses. FSA accounts help users maximize their budgets while staying healthy and financially secure.
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Is Baby Monitor FSA Eligible?
Whether or not you can use your FSA account to buy a baby monitor depends on your employer’s plan and whether it allows for such purchases under its definition of “medical expenses.” Some plans allow for purchasing non-prescription medical items such as thermometers and blood pressure monitors.
Still, checking with your employer first before making any purchases with your FSA funds is essential. It would be best if you also remembered that you might be required to submit receipts or other documents to be reimbursed from your account.
What Baby Items Are Fsa Eligible?
The following are everyday baby care items that can be purchased with an FSA:
1. Diapers – Cloth and disposable diapers used to care for an infant or child qualify as an eligible expense under IRS guidelines.
2. Nursing Pads – Reusable nursing pads are an eligible item if they are medically necessary to treat a condition related to lactation. Disposable nursing pads may also be eligible if prescribed by a doctor.
3. Breast Pumps – Breast pumps used to express milk may also be purchased with an FSA as long as they are deemed medically necessary. This includes manual, electric, single, or double breast pump systems and accessories such as tubing, containers, and collection kits.
4. Pacifiers– As long as pacifiers are designed to prevent a medical condition (such as colic), they may be purchased with an FSA card.
5. Thermometers– Digital thermometers used for babies or children can usually be purchased with an FSA card if prescribed by a doctor, nurse practitioner, physician’s assistant, or another authorized health provider.
6. Formula– Formula used by infants is typically considered a qualified medical expense and can be purchased using an FSA card.
Also Read: At What Age Do You Stop Using A Baby Monitor?
Services Eligible for Reimbursement
In addition to purchasing tangible goods with your FSA funds, you can also use them to pay for certain services related to childcare or health care of dependents under 13 years old or any dependents who are incapable of self-care due to mental or physical disability. Examples of services include:
- Daycare fees (for childcare only).
- Nursing home fees for dependents who require long-term care.
- Adoption fees are related to adopting a child under 18 years old or any age if the person is mentally or physically disabled.
Also Read: Where To Mount Baby Monitor?
Bottom Line:
Now its clear that is baby monitor FSA eligible, while some employers’ plans do allow the use of your FSA funds towards purchasing medical items like thermometers or blood pressure monitors, it is essential to check with your employer beforehand so you know whether or not a baby monitor falls within their definition of “medical expenses.”
If not, you will unfortunately not be able to use those funds towards buying one; however, other options, such as payment plans or credit cards, can help make purchasing a baby monitor more affordable. As always, research all available options before making any significant purchases!