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How to Save with F-S-A/H-S-A Eligible CPAP Cleaning Supplies Through PayPal

Dec 18, 2019 by PrimeClean 

Is PrimeClean cover by insurance?

PrimeClean is a simple and effective device that is used to clean your CPAP machine. It eliminates 99.9% of bacteria and germs. You just put your breathing device mask and tube inside the bag. Afterward, place the other end of the tube into our device, and click the start button. The machine will clean your breathing device within 30 minutes.


Currently, our product is not covered by insurance. However, you can purchase this device with your health savings account or your flexible spending account.

HSA

HSA

Health savings accounts or (HSAs) are tax-advantaged savings accounts used to pay for eligible medical expenses.

With a health savings account, funds are deducted from your paycheck on a weekly or bi-weekly basis. You will keep your health savings account if your employment is terminated for any reason. The financial institutions you can visit for a health savings account are:

  • Banks
  • Credit unions
  • Brokerage firms

You can purchase an HSA account through your employer or on your own. Health savings accounts are designed for high deductible health insurance plans or (HDHPs). For a health insurance plan to be considered as an HDHP, it must meet certain criteria.

  • The minimum HDHP deductible for an individual is $1,400.
  • The minimum HDHP deductible for a family is $2,800.
  • The maximum HDHP out-of-pocket costs for an individual are $6,950.
  • The maximum HDHP out-of-pocket costs for a family are $13,800.

There are several questions you want to consider when you are ready to decide whether you want to purchase an HDHP or a PPO plan.

  • Am I relatively healthy?

  • Do I want to pay higher or lower premiums per paycheck?
  • Does my family visit the doctor regularly?
  • Can I afford to pay the deductible and co-pays out of pocket?
  • Do I have enough funds saved in my bank accounts to cover any medical emergencies?

Contributions and Tax Benefits

For 2020, the contribution limit for an individual health savings account is $3,550. The limit for family coverage is $7,100. Individuals that are over the age of 55, the catch-up contribution limit is $1,000.

Health savings accounts are like super IRAs because of the inherent tax benefits. There are no income limitations. You can take an annual tax write-off of up to $3,450. Once you turn 65, you can withdraw funds from your health savings account penalty-free.

If you are self-employed, you want to make regular contributions. You will only have access to funds that are readily available in your savings account. The bank will mail you a debit card and, in some cases, a checkbook.

What is so fantastic about health savings accounts is that you can invest the funds in your account tax- free. The bank will send you an investment guide. You can invest your funds in cash, stock, bonds, and mutual funds. In some cases, you can tie your health savings account with your personal brokerage account.

The funds in your health savings account will compound annually tax-free. Additionally, the unused funds in your health savings account will roll over every year. You can use the funds in your health savings account to pay for medical expenses, dental care, vision, prescriptions, eyeglasses, prenatal vitamins, and other health-related

FSA1

FSA

With flexible spending accounts, you do not have to purchase an HDHP. As a matter of fact, you can use a flexible spending account with any health plan. Normally, the flexible spending account is offered by an employer as a portion of a comprehensive benefits package.

Say, for instance, you want to spend $2,000 per year for medical expenses. Your employer will fund your flexible spending account upfront for $2,000 tax-free on the first day of the plan year. The regular paycheck deductions will be taken out of your weekly, bi-weekly, or monthly paycheck.

Leftover funds in your account will expire after the plan year. In some instances, extensions are given up to April 1st following the plan year.

You cannot use the funds in your flexible spending account for long-term savings and investments. The flexible spending account will end upon the termination of your employment. The maximum contribution for the flexible spending account in 2020 is $2,750.

The plan administrator for the FSA account will give you a debit card. However, you cannot use the debit card to obtain cash from the ATM machine. With the debit card, you can make qualified purchases like medical co-pays, dental visits, prescriptions, hospital visits, and certain over-the-counter health products. Like to learn more about FSA, click here.

Can I Have both a Flexible Spending Account and a Health Savings Account at the Same Time?

In certain circumstances, you can have both types of specialty accounts with the limited care flexible spending account (LCFSA). For example, the LCFSA will cover extraordinary medical expenses that are different from your regular medical expenses and co-pays. The LCFSA, however, will not cover PrimeClean products.


PrimeClean Products

CPAP machine, also known as continuous positive airway pressure, is used to treat breathing issues, respiratory problems, and sleep apnea. Cleaning supplies are necessary to clean CPAP machines. Since Prime Clean is a CPAP cleaning product, it is eligible as an over-the-counter purchase for your health savings account or flexible spending account.

We currently accept PayPal. You can easily purchase Prime Clean products with the debit card for your specialty health savings account. For a simple purchase, just select the PayPal payment card of your choice for that special purchase. The four steps to add a debit or a credit card to PayPal are:

  • Log into your PayPal Account.
  • Select "wallet" on the left-hand side of your screen display.
  • Click on "link a debit or credit card."
  • Follow the on-screen instructions.

You can also add your flexible spending account debit card to your PayPal wallet. If necessary, you can always submit the eligible purchase receipt to the plan administrator for your flexible spending account for reimbursement. This process works great with PayPal. It will protect your debit card from fraudulent use.