You can use FSA funds to pay for a wide range of qualified medical expenses. This includes copayments, deductibles, prescription medications, medical equipment, dental care, vision exams, eyeglasses, contact lenses, and over-the-counter items like bandages or pain relievers.
The list of eligible expenses is determined by the IRS and can change, so it’s a good idea to check with your FSA administrator or refer to IRS Publication 502 for current guidelines.
Some FSAs may also offer a dependent care option (DCFSA) that covers child care or elder care expenses, but that’s a separate account with different rules.