It’s an exciting time for your family. You’ve just welcomed a beautiful baby into the world and are now facing the daunting task of figuring out how to take care of them.
With this also comes responsibilities about being able to meet the expenses while maintaining the same lifestyle. Facilities for tax benefits for medical and especially baby care go a long way. The latest technology Baby monitor that can monitor the breathing and pulse of a baby in addition to temperature, can cost you anywhere upward to $100.
Fortunately, HSA/FSA accounts provide tax-deductible benefits and more in various forms.
In this article, we try to present guidance on buying a good Baby monitor that is eligible for FSA or HSA deductions.
About HSA and FSA accounts
Health savings account (HSA) and Flexible savings account (FSA) are two types of accounts that you can use to set aside money for medical expenses and provides tax-deductible benefits.
Although there are some fundamental differences between owning FSA and HSA, Most favor HSA due to its wider benefits and flexibility without dependency on employment and employer contributions.
Here is a good reference for knowing more about HSA and FSA accounts and the difference.
What are the benefits of using FSA/HSA approved baby monitors?
Most FSA plans do not allow you to purchase items like a new car, wedding gifts, and other non-medical related services while HSA plans cover them most as long as they support medical purposes.
Keep in mind that baby monitors fall under two types of categories to make them eligible for FSA or HSA spending and tax benefits. One is Baby care (Postpartum) and under the category of Health monitors (Breathing & Pulse monitors).
How to determine if a baby monitor is HSA eligible
There are a plethora of medical and related items that are eligible for FSA or HSA benefits.
When we did online research, we found the baby monitor eligibility as below in HSAstore.com.
Not all types of baby monitors are FSA/HSA eligible
With extensive research, we have found Top 4 baby monitors which are FSA/HSA eligible to buy and utilize tax benefits (in the rank of our recommendation from our research).
Note: The links given above with product names are specifically FSA/HSA eligible. If you try to buy any other variation of baby monitor or part alone, eligibility might not be there. Doublecheck before you buy.
Lower tech Baby monitors such as Audio baby monitors are not eligible for FSA/HSA eligibility.
Using Amazon account to gain FSA/HSA benefits.
Fortunately, Amazon makes it very easy to buy FSA or HSA eligible items online by doing all the research for you!
This link in Amazon has all the HSA/FSA eligible items at one place.
- Visit Amazon HSA or FSA store page.
- Add your HSA / FSA card – works if you already have an Amazon account and if not I suggest you register one.
- Start shopping
- Before buying, always keep in mind to check HSA or FSA eligible note under the “Buy now” button. (Easy hack: Press Control+F to open a search window and type “hsa” or “fsa” and it will show the text location on the page)
What if I already bought Baby Monitor?
If you already bought your baby monitor without knowing whether it is eligible for your FSA or HSA account, make sure to use the above links (especially ones from HSAstore.com) to check first if it is still eligible and you can claim that reimbursement for tax-free benefits.
We hope this blog post has been helpful in determining whether baby monitors are eligible for a tax-free purchase through an FSA/HSA account. You may also qualify for the items depending on what type of health insurance coverage you have.
Let us know how things go!