Is a CGM FSA Eligible?

Continuous Glucose Monitors (CGMs) are life-changing tools for many individuals living with diabetes. Their real-time insights empower people to effectively manage blood sugar levels and avoid dangerous highs and lows. While CGMs make diabetes management easier, navigating how to pay for them—especially when it comes to insurance and medical benefits, can be confusing. US MED is here to help. In this article we cover CGM FSA eligibility, how Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) work, and explain what your options are if you’re covered by Medicare.

In This Post:

1. 1. What is an FSA?
      1. How does an FSA work?
   2. Is a CGM FSA eligible?
   3. Do you need a prescription for a CGM FSA purchase?
   4. Is Dexcom G7 FSA eligible?
   5. Is Freestyle Libre 3+ FSA eligible?
   6. Can I have an FSA and Medicare?
   7. What is an HSA?
      1. How does an HSA work?
   8. Can I have an HSA and Medicare?
   9. How to Buy a CGM With FSA Funds
   10. CGM FSA Eligibility At US MED
   11. Using FSA For Diabetic Supplies At US MED

What is an FSA?

An FSA (Flexible Spending Account) is an employer-sponsored financial account for medical-related expenses. You choose a designated amount of money from your paychecks to go into this account, pre-taxed. Many medical-related services and items are FSA eligible. This typically includes doctor appointments, physical therapy, prescription medications, medical equipment, and more.

How does an FSA work?

When you enroll in a Flexible Spending Account, you’ll generally receive an FSA card that works like a debit card for medical-related expenses. You can use this card online and in-person. Most FSA plans operate on an annual basis with a “use it or lose it” policy. However, many plans offer a grace period where you can submit receipts from the previous plan year and be reimbursed. Additionally, some plans offer a carryover option for unused funds. You typically have to decide the amount of money you’re depositing annually into an FSA at the time of enrollment, so it’s important to know how your plan works.

Is a CGM FSA eligible?

Yes, CGMs are FSA eligible purchases. Coverage may vary by manufacturer or FSA plan. To ensure CGM FSA eligibility, check in with your employer for a detailed overview of your plan benefits.

Do you need a prescription for a CGM FSA purchase?

Yes, you typically need a prescription for a CGM FSA purchase. Most popular CGMs require a prescription for purchase, including when using an FSA card. However, as CGMs grow in popularity, they are becoming more accessible. There are currently two notable CGMs on the market that are available without a prescription: Dexcom Stelo and Abbott Lingo. Both are FSA eligible and do not require a prescription.

Is Dexcom FSA eligible?

Yes, the Dexcom G7 is FSA eligible. You must have a prescription from your doctor to purchase the Dexcom G7. Your FSA card should also cover any corresponding Dexcom accessories.

Is Freestyle Libre 3+ FSA eligible?

Yes, the Freestyle Libre 3+ is FSA eligible. You must have a prescription from your doctor to purchase the Freestyle Libre 3+. With an Rx, you can get the Freestyle Libre 3+ and its accessories with your FSA card.

Can I have an FSA and Medicare?

Yes, it is possible to be on Medicare and have an FSA. Since FSAs are employee benefits, you must be employed, and your employer must offer health accounts as a benefit. If you’re on Medicare while working, you can use your FSA funds to supplement your medical costs. This includes eligible out-of-pocket expenses like deductibles and copayments. You can learn about what diabetic supplies are covered by Medicare here.

What is an HSA?

An HSA or Health Savings Account is exactly as it sounds—a savings account for health expenses. Like an FSA, it is tax-free. Unlike an FSA, these funds roll over and may be invested. You must have a high-deductible health plan to enroll in an HSA.

How does an HSA work?

Unlike an FSA, you can enroll in an HSA with or without an employer. Once you select an HSA provider, you can start saving. There are annual contribution limits on how much money you can put into your HSA. Once you’ve contributed, you can invest your HSA for maximum long-term benefit.

If you use your HSA for non-medical expenses before you turn 65, you will face a penalty and be taxed. However, after you turn 65, you may use the funds for any purchases without penalty, though you will still be taxed.

Can I have an HSA and Medicare?

No, you cannot contribute to an HSA while being covered by Medicare. However, if you already have an existing Health Savings Account, you may continue to use those funds tax-free to supplement your Medicare costs. Make sure you stop contributing to your HSA before you turn 65 to avoid penalties.

How to Buy a CGM With FSA Funds

If you have a prescription for a CGM, you can use your FSA card at an authorized medical supply provider, like US MED. You can place an order online and fill in your health card information just as you would a regular bank card. If you purchase your CGM with a regular bank card, you can save your receipt and submit it to your FSA plan provider for reimbursement.

CGM FSA Eligibility At US MED

US MED accepts FSA cards as valid forms of payment. This includes CGM purchases when you have a prescription. If you are unsure about which products your FSA card covers, give us a call, we are happy to help.

Using FSA For Diabetic Supplies At US MED

Using FSA for diabetic supplies at US MED is simple. Select your items, proceed to checkout, and use your FSA card like any other form of payment. In addition to CGMs, US MED offers a wide range of diabetes care essentials, including testing supplies, insulin pumps, and more. If you have any questions or need assistance, reach out to us at any time.

US MED offers trusted, high-quality service with an A+ rating from the Better Business Bureau. With a proven track record of over 1 million satisfied customers, we partner with Medicare and over 500 insurance companies. Get diabetic supplies delivered to your door with free priority shipping and 90-day supply shipments. If you have more questions about Medicare, check out our guide to the Top Medicare Deductible Questions.