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Flexible Spending Accounts (FSA)
5 common OTC expenses eligible for your HSA and FSA funds
When you participate in a health savings account (HSA) and/or flexible spending account (FSA), you鈥檙e able to contribute pre-tax funds for use on hundreds of eligible expenses. Recently, you gained even more flexibility in your ability to save when the CARES Act was signed into law.
This new legislation expanded the list of expenses that are considered eligible by including popular over-the-counter products, which you can now purchase with your HSA or FSA without a prescription. This change went into effect on January 1, 2020. That鈥檚 great news for consumers, since the average American shops for over-the-counter medications. We鈥檝e compiled five of the most common expenses that are now eligible for your HSA and FSA funds without a prescription.
Pain relief medications
Headaches. Muscle soreness. Sprains. There are so many reasons that you may need pain relievers. There are two common types of over-the-counter pain medications:, both of which are now among the eligible expenses available from your HSA and FSA.
Cold and flu products
Winter may be behind us, but cold and flu season never really goes away. of the U.S. population gets the flu, on average each season. Fortunately, the over-the-counter medicines you so often turn to when coping with a .
Below are some common expenses participants purchase with their FSA funds (via the 糖心Vlogbenefits platform). Click below for more benefit trends!
Allergy products
Thirty percent of American adults and 40 percent of children . And the cost of allergies to the healthcare system is . Those who do have allergies can now find relief with their in the form of over-the-counter antihistamines and decongestants.
Heartburn medications
Heartburn is among the more common afflictions in this country. That鈥檚 why Americans spend billions of dollars each year on medicines that treat heartburn. The CARES Act means that these without a prescription.
Menstrual products
The CARES Act also included . Eligible products include .
Do you know what HSAs and FSAs cover? Check out our eligible expense list! Or watch this episode of Benefits, where our hosts engage three new employees in a game-show style quiz of HSA/FSA eligibility. How well do you do?
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.