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Are you a new or expecting mother? Admit it or not, you can't get the expenses out of your mind. You're afraid they will skyrocket because you need to buy so many nursing supplies. But have you heard of FSA and HSA? These accounts let you save money by buying eligible products using pre-tax money. Fortunately, many nursing supplies are included in the list.
This article teaches you what you need to know about FSA and HSA. Moreover, it teaches you how to use HSA or FSA to buy a breast pump and other nursing supplies.
What Are HSAs and FSAs?
Here are explanations of what HSAs and FSAs are.
FSA
FSA stands for Flexible Spending Account or Flexible Spending Arrangement. It is a special account where you can put pre-tax money, which you use to pay for certain out-of-pocket health care costs. That is right. You do not have to pay taxes on this money, allowing you to save money.
For mothers, the covered expenses include items you need in your breastfeeding journey. That includes breast pumps and nursing accessories.
You can ask your employer about how to use your company's FSA. But generally, you need to submit a claim to the FSA through your employer. The claim should include proof of the medical expense and a statement that your plan hasn't covered it. Once confirmed, you will get a reimbursement.
Please note that FSAs are limited to $3,300 per year per employer. Then, only $660 can carry over and be used in the following year. That said, you should use the funds when you can instead of letting them expire untouched.
How To Set Up an FSA
Note: FSAs are only available if your employer includes them in their benefits package.
- During your employer’s annual open enrollment period, you choose whether to participate and decide how much money you want to contribute for the year. You can contribute up to the IRS annual limit.
- Your chosen contribution amount is divided evenly across your paychecks for the year. Each paycheck has that amount deducted before taxes, lowering your taxable income.
- Some employers allow you to access the full year’s contribution at the start of the year, even though deductions will continue from each paycheck.
HSA
HSA is a lot similar to FSA. It is an account that allows you to allocate pre-tax money to cover healthcare expenses. However, you can only contribute to an HSA if you have a High Deductible Health Plan (HDHP), which typically covers preventive care but requires you to meet a high deductible for other services.
The money in an HSA can grow tax-free through interest or investments, and you can use it anytime for eligible expenses. HSAs are offered by banks, credit unions, or financial institutions.
How To Open an HSA
- Check your eligibility. You must have a High Deductible Health Plan (HDHP) and no other conflicting coverage (e.g., Medicare or being claimed as a dependent). If unsure, confirm with your health insurer.
- Open an account. You can set up an HSA through banks, credit unions, insurance companies, or as part of an employer’s benefits package.
- Once the account is open, you can contribute up to the annual IRS limit.
Reminder: Some companies contribute money to the FSA or HSA accounts of their employees. If so, this is free money for you.
Are Breast Pumps FSA/HSA Eligible?
Yes, breast pumps are eligible for both Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs). You can also use these accounts for related supplies, such as nursing pads, milk storage bags, and pump accessories. This eligibility makes it easier to save money on essential breastfeeding items while reducing out-of-pocket costs.
Benefits of Using an FSA/HSA Account for a Breast Pump
The main reason why you would want to use FSA/HSA to cover breast pump expenses is to be able to save money. If how it works is still unclear to you, here's a section that we hope can help clarify it for you. Here are the benefits of using an FSA/HSA for a breast pump.
1. Tax Savings
Contributions to an FSA or HSA are made with pre-tax dollars, which reduces your taxable income and saves you money overall. This can help offset the cost of a breast pump and related accessories.
2. Lower Out-of-Pocket Costs
By using pre-tax funds from your FSA or HSA, you avoid paying for a breast pump with after-tax money, effectively lowering your out-of-pocket expenses.
3. Less Expenses for Other Eligible Items
Both FSAs and HSAs cover not only the breast pump itself but also nursing accessories, spare parts, and storage bags. It makes it easier to access all the tools you need for breastfeeding.
4. Flexibility
If you’re enrolled in an HSA, the funds roll over from year to year, allowing you to save for future expenses. Unfortunately, FSAs often come with a "use-it-or-lose-it" rule, so only a small part of your funds roll over. Still, it's a great option if you're planning to use your funds within the plan year.
5. Easier Budgeting:
Setting aside money for breastfeeding supplies through an FSA or HSA helps you plan
ahead. It ensures you have the funds available when you need them.
6. Buy Breast Pumps and Other Equipment without Spending Your Own Money:
Some companies put money in their employee's FSA. Therefore, you could buy breast pumps and other nursing equipment without using your own money.
What to Consider When Choosing an FSA/HSA-Eligible Breast Pump?
You still spent money to pay for the breast pump, even if you utilized FSA/HSA to do that. Thus, you should ensure that it is worth it. The breast pump should be durable and of high quality. You do not want to buy another because the one you bought broke or is ineffective.
It is also wise to get feature-rich breast pumps. For example, you should select hands-free breast pumps with adjustable suction. App-controlled breast pumps that let you set schedules and alerts are also great options.
To make informed decisions, you should also know that there are different types of breast pumps. There are manual pumps and electric-powered pumps. You don't have to worry about charging or buying batteries for manual pumps. However, you need to squeeze the lever yourself to express milk. On the other hand, the process is automatic when using electric-powered pumps, so they are more efficient.
Here's a checklist you can use when buying a breast pump:
- Electric-powered
- Offers strong suction without causing pain
- Offers adjustable speeds and different modes
- Allows you to set alerts
- It can be used hands-free.
How To Get a Breast Pump Using My FSA/HSA Account on Momcozy?
You can find several amazing breast pumps at Momcozy. The Momcozy M9, M6, M5, S12Pro, S9Pro, V1Pro, V2Pro and Air 1 are all highly efficient breast pumps that don't cause pain or discomfort. They are wearable, meaning you can use them hands-free. The good news is that you can buy these using your FSA/HSA account.
Here is a guide on the process:
Step 1. Checkout
Add the breast pump that you want to buy to your cart, and then click Checkout.
Step 2. Pay with FSA/HSA
Under the Payment section, select Flex | Pay with HSA/FSA. You will be redirected to a hosted Flex Checkout page.
Step 3. Fill Out the Form
Enter the necessary information. That includes your email address, full name, and FSA/HSA card information. Then click Pay Now. You will then be redirected back to the Shopify success order page.
Tips for Maximizing Your FSA/HSA Benefits for Breastfeeding Supplies
As mentioned above, breast pumps are not the only products that you can buy with your FSA/HSA. You should leverage that to make your breastfeeding journey easier on your wallet.
Here are other breastfeeding supplies you can get with your FSA/HSA:
Spare Breast Pump Parts
Spare parts are vital for keeping your breast pump clean, functional, and comfortable to use. Over time, components like breast shields may wear out or need replacement to better suit your body. Tubing, which connects the pump to the collection system, can degrade with frequent use and require periodic replacement.
Additionally, small yet critical parts like valves and membranes play a big role in maintaining suction efficiency and should be replaced regularly. Using your FSA or HSA funds for these replacements ensures your pump works reliably, saving you from interruptions during your breastfeeding routine.
Milk Storage Bags
Milk storage bags are an indispensable tool for mothers who pump milk regularly. These pre-sterilized, disposable bags are designed for safe and hygienic milk storage, and many come equipped with double-zipper seals to prevent leaks. They are also freezer-safe, making them perfect for long-term storage.
Storage Bottles
For mothers who prefer a reusable option, storage bottles are an excellent alternative to milk bags. These durable containers are ideal for storing, freezing, and transporting breast milk. Many are designed to be compatible with breast pumps, allowing you to pump directly into the bottles, minimizing milk transfer and spillage.
However, it's important to confirm with your plan provider, as most FSAs and HSAs cover storage bottles but not standard feeding bottles.
Conclusion
Using HSA and FSA to get breast pumps and other breastfeeding supplies helps you reduce out-of-pocket expenses. Suppose your employer puts money into your account. That's like you are getting these products for free! That said, you should really utilize these accounts, especially FSA, because the funds don't carry over to the next year.
