The new CARES Act or Coronavirus Aid, Relief, and Economic Security Act expands the list of qualified expenses for HSAs (Health Savings Accounts), FSAs (Flexible Spending Accounts), and HRAs (Health Reimbursement Accounts). These accounts are funded by employees and/or employers while HSAs can be funded by anyone with a High Deductible Health Plan or HDHP. With an HDHP, you can choose your preferred bank to fund your tax-advantaged HSA such as Fidelity, Health Equity, HSA Bank, or other HSA banks.
New qualified expenses include:
- Feminine hygiene products
- Over the counter or OTC prescriptions (previously required a prescription)
- Telehealth services
- Disposable masks, hand sanitizer, and even lodging may also qualify as qualified expenses with a prescription or letter of medical necessity
Not only can you use HSA, FSA & HRA funds for medical expenses, dependent care may also be qualified expenses for services such as nursing care, pre-kindergarten, babysitting, custodial or eldercare, au pair services and more. Please contact your HSA bank or FSA/HRA administrator to review their full list of qualified expenses. For FSA & HRAs, please refer to your Summary Plan Document
Please do not hesitate to contact us to go over HSA, FSA, and HRAs for either your business or for yourself. At Solid Health Insurance Services, we are always happy to assist you with all of your health, dental, vision, life, and long-term care needs. Please contact us at 310-909-6135 or at email@example.com so that we can better assist you.