New FSA and HSA Eligible Items for Outdoorsmen in 2020
The complexity of 2020 has brought an expansion of Flexible Spending (FSA) and Health Savings Account (HSA) to cover more eligible purchases. This change came into effect on January 1, 2020 and opens up over 20,000 new possibilities for purchase.
If you're currently working on your FSA budget and are looking for ways to maximize your remaining funds before the year is out, here are some of the most commonly bought items that are now FSA and HSA eligible:
Cold and Flu Medication
Winter is almost here and with the chilly weather comes cold and flu season. With about 20% of the U.S. population getting infected each season, many employees will now benefit from these prescription meds being made accessible with FSA funds.
Allergy Products
The cost of allergy products is estimated at $18 billion and with 30% of American adults and 40% of children suffering from allergies, relief can be found by spending FSA funds on antihistamines and decongestants.
Heartburn Medication
Heartburn is one of the country's realized health issues and has now been included on the list of eligible products so stock up on antacids before year end with tax-exempt funds.
Pain Relief Medications
Post-workout muscle soreness, headaches, back pain, and sprains are commonly aided with OTC medications like non-steroidal anti-inflammatory drugs (NSAIDs) and acetaminophen. With these items now being FSA-eligible, you can save a huge chunk on pain meds.
Menstrual Products
With the CARES Act's passage last March 2020, menstrual products like tampons, menstrual cups, liners, and pads can be purchased with FSA money.
Use your FSA mobile app to scan the product's barcode to ensure that you're buying FSA and HSA eligible products or double-check with the store.
Take the time to plan before making any purchases and remember that these benefits are yours to spend until December 31.
If you're currently working on your FSA budget and are looking for ways to maximize your remaining funds before the year is out, here are some of the most commonly bought items that are now FSA and HSA eligible:
Cold and Flu Medication
Winter is almost here and with the chilly weather comes cold and flu season. With about 20% of the U.S. population getting infected each season, many employees will now benefit from these prescription meds being made accessible with FSA funds.
Allergy Products
The cost of allergy products is estimated at $18 billion and with 30% of American adults and 40% of children suffering from allergies, relief can be found by spending FSA funds on antihistamines and decongestants.
Heartburn Medication
Heartburn is one of the country's realized health issues and has now been included on the list of eligible products so stock up on antacids before year end with tax-exempt funds.
Pain Relief Medications
Post-workout muscle soreness, headaches, back pain, and sprains are commonly aided with OTC medications like non-steroidal anti-inflammatory drugs (NSAIDs) and acetaminophen. With these items now being FSA-eligible, you can save a huge chunk on pain meds.
Menstrual Products
With the CARES Act's passage last March 2020, menstrual products like tampons, menstrual cups, liners, and pads can be purchased with FSA money.
Use your FSA mobile app to scan the product's barcode to ensure that you're buying FSA and HSA eligible products or double-check with the store.
Take the time to plan before making any purchases and remember that these benefits are yours to spend until December 31.
