Are there any restrictions on using my FSA or HSA funds?

Yes, there are certain restrictions on using FSA (Flexible Spending Account) and HSA (Health Savings Account) funds. FSA funds can only be used to cover eligible medical, dental, vision, and dependent care expenses as defined by the IRS. Some common eligible expenses include doctor visits, prescription medications, eyeglasses, and child daycare. However, FSA funds cannot be used for health insurance premiums or over-the-counter medications unless prescribed by a doctor. HSA funds can also be used for eligible medical expenses, but they can also be saved and invested for future healthcare costs. However, HSA funds cannot be used for non-medical expenses unless you are 65 or older, in which case they can be used for non-medical purposes but are subject to income tax. It is essential to understand the specific guidelines and restrictions associated with FSA and HSA funds to utilize them appropriately.