As a new mother, the cost of baby supplies can quickly add up. From diapers to clothes, and everything in between, it can be overwhelming. One of the biggest expenses for breastfeeding mothers is purchasing a breast pump. However, might you be able to save money on breast pumps by taking advantage of your employer's FSA? In this article, the breastfeeding experts at Limerick will explore what an FSA is, answer the critical question of 'are breast pumps FSA eligible?', look at the benefits of using FSA for breast pumps, and more. Let's get started.
Limerick investigates: Are breast pumps FSA eligible?
What is an FSA?
Before we can answer the question 'are breast pumps FSA eligible?’, we first need to look at what an FSA is. An FSA is a 'Flexible Spending Account', a tax-advantaged account that allows employees to set aside pre-tax dollars to pay for eligible healthcare expenses. These accounts are provided by employers and are part of a benefits package. The funds in an FSA are not subject to federal income tax, Social Security tax, or Medicare tax.
Limerick investigates: Are breast pumps FSA eligible?
What is an FSA eligible expense?
The funds in an FSA can be used for a variety of health care expenses, since any medical expense that is not covered by insurance can qualify as being FSA eligible. These expenses can therefore include deductibles, copays, prescriptions, and other health-related expenses. The IRS determines which expenses are eligible for FSA reimbursement. It's essential to note however that FSA funds cannot be used for insurance premiums, cosmetic procedures, or over-the-counter medications unless prescribed by a doctor.
Limerick investigates: Are breast pumps FSA eligible?
So, are breast pumps FSA eligible?
The short answer is YES, breast pumps are FSA eligible. In 2011, a ruling by the IRS established that breast pumps, breast pump supplies, and lactation counseling are eligible for FSA reimbursement. This ruling was part of the Affordable Care Act, which required health insurance plans to cover breastfeeding support and supplies. As a result of this ruling, many employers now offer FSA plans that cover breast pumps and related supplies.
Limerick investigates: Are breast pumps FSA eligible?
Benefits of using FSA for breast pumps
The benefits of using an FSA for breast pumps are numerous. By using pre-tax dollars, you can save up to 30% on eligible expenses - which can be a significant savings, especially for expensive items like breast pumps. Additionally, using FSA funds can help you stay within your budget and avoid dipping into your personal savings or other solutions such as credit cards.
Another benefit of using an FSA for breast pumps is, quite simply, ease of use. You can purchase an FSA eligible breast pump or supplies directly from a retailer or online - via the Limerick shop, for example. Once you've made your purchase, you can then submit a claim to your FSA provider for reimbursement. The process is straightforward and can be completed online or through an app.
Limerick investigates: Are breast pumps FSA eligible?
How to use FSA funds to buy a breast pump
To use your FSA for a breast pump purchase, you must first check with your employer to see if they offer an FSA plan. If they do, you can enroll during open enrollment or when you become eligible. Once you've enrolled, you can determine how much you want to contribute to your FSA account each year. It's essential to note that FSA funds work on a "use it or lose it" basis - meaning that any unused funds at the end of the year are forfeited.
If you're looking to use FSA funds to buy a breast pump, then when you're ready to make a purchase, don't forget to check that you'll be buying an FSA eligible pump (no need to worry to much though, most pumps are FSA eligible, including Limerick pumps). If the pump you're looking at is FSA eligible, you can either use your FSA debit card to purchase the pump, or you can pay for it out of pocket and submit a claim for reimbursement.
Limerick investigates: Are breast pumps FSA eligible?
Other FSA eligible breastfeeding supplies
In addition to breast pumps, there are several other breastfeeding supplies that are FSA eligible. These supplies include accessories such as breast milk storage bags, nursing pads, nipple cream, and lactation supplements. By purchasing these items with FSA funds, you can save money and ensure that you have everything you need to breastfeed successfully. Take a look at our resource center for further practical information on nursing pads and their use, the proper storage of milk, and other practical advice that will help make your breastfeeding journey a success.
Limerick investigates: Are breast pumps FSA eligible?
Tips for maximizing FSA savings on breast pumps
There are a few things you can do to maximize your FSA savings on breast pumps, including taking the following three steps:
Contribute as much as possible
First, be sure to enroll in your employer's FSA plan and contribute the maximum amount allowed. This will ensure that you have enough funds to cover the cost of a breast pump and related supplies.
Shop around
Just as you would for other products with a significant financial outlay or investment, shop around for the best prices on FSA eligible breast pumps. Compare prices at different retailers and online to find the best deal. You may also want to check for sales or discounts to save even more.
Buy in bulk
Finally, consider purchasing FSA eligible breastfeeding supplies in bulk. This can help you save money and ensure that you have an adequate supply of supplies on hand.
Limerick investigates: Are breast pumps FSA eligible?
Our verdict:
Take advantage of FSA for breast pumps and breastfeeding supplies!
Using an FSA for breast pumps and related supplies can be a smart way to save money and stay within your budget. By enrolling in your employer's FSA plan, purchasing an FSA eligible breast pump, and either buying direct with FSA funds or submitting claims for reimbursement, you can save a lot of money on eligible expenses.
Limerick investigates: Are breast pumps FSA eligible?
The last word & how else Limerick can support you
We hope that the paragraphs above have answered the question of whether or not breast pumps are FSA eligible, as well as shed some light on the benefits of using FSA funds for a breast pump in a clear and concise manner for you, but don't forget that this is just one of many pieces of informative breastfeeding content designed to help moms at every stage of their breastfeeding journey, as can our social media pages on Facebook, Instagram and LinkedIn. In addition, our information pages aimed at moms and new parents, corporate stakeholders and healthcare professionals will tell each of these groups more about Limerick's range of breast pumps.
