Changes to FSA and HSA Eligible Items
The $2 trillion+ Coronavirus Aid, Relief and Economic Securities Act was signed into law on March 27, 2020. This bill included significant steps forward in helping consumers protect the health and well-being of their families by reducing unnecessary trips to the doctor during this time of increased demand and creating even more value for the millions of Americans with Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs).
There are two major changes that are revolutionary for FSA/HSA users and will dramatically improve their ability to use these accounts to support year-round wellness:
- Prescriptions will no longer be required to buy over-the-counter (OTC) medicine (i.e. Tylenol, Claritin, etc.) with an FSA or HSA
- FSA and HSA funds can now be used to purchase tampons, pads, and other menstrual care products
As people across the country are focused on sheltering in place to protect themselves, their families, and the broader community from the spread of COVID-19, the reality of having to visit a doctor for everyday care, much less to obtain a prescription for OTC medications, is unlikely. Unfortunately, that had been the reality for consumers enrolled in FSAs and HSAs if they wanted to be reimbursed from their spending accounts for things like OTC pain relief and other products to treat cold and flu.
Health-E Commerce, parent company to FSAstore and HSAstore, applauds these necessary changes.
“The OTC Rx requirement has been an inconvenience for FSA/HSA users for a decade, and we applaud the effort to repeal this regulation and give account holders more options to treat medical issues as they arise without putting more stress on our care delivery system at this critical time,” said Jeremy Miller, founder and CEO of Health-E Commerce. “In addition, the inclusion of menstrual care products as qualified expenses will help correct the gender imbalance in healthcare reimbursement by reclassifying menstrual care products as what we all know they are — essential health products that should be open to tax-free healthcare spending.”
FSAstore and HSAstore are busy updating their sites to update eligibility lists, allow FSA/HSA cards for purchase of OTC and menstrual products. Menstrual products are expected to be available at the end of the month and more eligible products will be added in the coming months.
Some links for further information:
Coupons: Make sure to use coupon code when checking out!