While you can rollover HSA funds from year to year, you need to use most of your FSA dollars within the calendar year, or you will lose them. You can use a site like FSA Store or HealthProductsForYou to search for FSA-eligible necessities, and drugstores like CVS typically note when a product is FSA or HSA-eligible. The IRS expanded the list of HSA-eligible items via the CARES Act of 2020. Common IRS-Qualified Medical Expenses Acupuncture Ambulance Artificial limbs Artificial teeth Birth control treatment Blood sugar test kits for diabetics. Of course, you can still use your funds for prescriptions, contact lenses and medical bills including co-insurance, co-payments and deductibles. Health savings accounts (HSAs) can be used for qualified medical expenses. Examples of eligible expenses include co-pays/deductibles, braces, eyeglasses, prescriptions and over-the-counter (OTC) medicines. If you purchased OTC medicines or feminine care products this year, contact your benefits department to see if you can get reimbursed now. The changes to eligible expenses are effective retroactively to January 1, 2020. Make a plan for how to get the most out of your contributions. These accounts let you use pre-tax dollars on medical costs, which saves you money in the long run. Parenting and motherhood are some of the greatest joys in life, but it does require. Learn more about the updates in this post. Next year, individuals can set aside 3,650 in tax-free funds to save for the future or pay for qualified medical expenses (up 50 from last year). Today, take a few minutes to take stock of the medical supplies you need, any medical bills you have to pay and how much you have and will contribute to your FSA or HSA this year. The IRS has announced the new health savings account limits for 2022. You can also use your funds for feminine care products, including tampons, pads, liners, cups, sponges, etc., for the first time. Thanks to the Coronavirus Aid, Relief and Economic Security (CARES) Act, you can use your FSA or HSA funds to buy over-the-counter medications without a prescription, like Tylenol and other pain relievers, heartburn medications, allergy relief and more, for the first time since 2011.
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