2020 FSA And HSA Expansion To OTC Products
The CARES Act Expands the List of Reimbursable Expenses through an FSA or HSA to include Over-the-Counter (OTC) Drugs and Menstrual Care Products
We are always trying to look for bright spots during COVID, and here is one of them! The recently passed CARES Act states that consumers can purchase OTC drugs and medicines with funds from their health savings account (HSA), flexible spending accounts (FSA), or health reimbursement arrangement (HRA) WITHOUT a doctor’s prescription.
Consumers may also receive reimbursement for OTC purchases through those accounts. The Act also includes menstrual products as a qualified medical expense, meaning consumers can pay or seek reimbursement for purchasing these products through an HSA, FSA, or HRA. This provision is effective for purchases and reimbursements of expenses incurred after December 31, 2019. It does not have an expiration date and is likely here to stay!
As always, if you have any questions or if we can help in any way, please reach out!
Call us at (805) 687 - 3225, or send us an email at info@petersmilam.com. We can't wait to hear from you!
-Dave Peters & Steve Milam
