Save those first aid and sanitary product receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

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arcticpineapplecorp.
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Save those first aid and sanitary product receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by arcticpineapplecorp. »

saw this article, not sure if anyone posted it yet:
Buried in the CARES Act — the enormous, $2.2 trillion coronavirus legislation passed last week — is a provision that allows people to use the money they put away in a tax-advantaged health savings accounts towards over-the-counter drugs, medical supplies, and menstrual products.

Part of this is reinstating rules in place before the Affordable Care Act, says Jennifer Berman, a lawyer and CEO of MZQ Consulting.

"At the end of the year, you'd go and stock up on Band-Aids and Tylenol — that ability got repealed by the [Affordable Care Act]," she says. "The CARES Act actually reinstates that provision." Now, people can once again use flexible spending account and health savings account dollars for those things.

The new rules are in Sec. 3702 of the CARES Act. That provision strikes a sentence that allowed for money in these accounts to be used "for medicine or a drug only if such medicine or drug is a prescribed drug." It then adds something new — allowing expenses for "menstrual care products" like tampons, pads, and menstrual cups.

Berman says women-rights advocates fought hard "for a lot of years to be able to add that to the list of reimbursable expenses — so now it officially has been added."

source: https://www.npr.org/sections/coronaviru ... iveupdates
Last edited by arcticpineapplecorp. on Thu Apr 02, 2020 7:36 am, edited 1 time in total.
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HEDGEFUNDIE
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Re: Save Those Pharmacy Receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by HEDGEFUNDIE »

What about limited purpose FSAs?
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Cubicle
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Re: Save Those Pharmacy Receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by Cubicle »

These are good things. But I despise politicians because of course this was necessary to be in the virus bill... :annoyed
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FIREchief
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Re: Save Those Pharmacy Receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by FIREchief »

Do people really only buy those things at a pharmacy?? Perhaps a thread title modification is in order.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
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arcticpineapplecorp.
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Re: Save Those Pharmacy Receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by arcticpineapplecorp. »

FIREchief wrote: Wed Apr 01, 2020 9:57 pm Do people really only buy those things at a pharmacy?? Perhaps a thread title modification is in order.
I'm all ears. Give me the title modification and I'll gladly revise it.
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FIREchief
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Re: Save Those Pharmacy Receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by FIREchief »

arcticpineapplecorp. wrote: Wed Apr 01, 2020 10:17 pm
FIREchief wrote: Wed Apr 01, 2020 9:57 pm Do people really only buy those things at a pharmacy?? Perhaps a thread title modification is in order.
I'm all ears. Give me the title modification and I'll gladly revise it.
I'm guessing "save those first aid and sanitary product receipts?"
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
2cents2
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Re: Save those first aid and sanitary product receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by 2cents2 »

I wonder how long it will take to get that updated by the FSA provider and also stores that claim to know which items are FSA eligible?
Spirit Rider
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Re: Save those first aid and sanitary product receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by Spirit Rider »

The title is incorrect in one respect.

Yes, over the counter medications were removed from the list of qualified expenses by the ACA.

However, first aid supplies never were.

This would not apply to a limited purpose FSA. These are all still medical expenses, unless they are specifically dental or vision expenses.
2cents2
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Re: Save those first aid and sanitary product receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by 2cents2 »

Spirit Rider wrote: Sun Apr 05, 2020 5:05 pm The title is incorrect in one respect.

Yes, over the counter medications were removed from the list of qualified expenses by the ACA.

However, first aid supplies never were.

This would not apply to a limited purpose FSA. These are all still medical expenses, unless they are specifically dental or vision expenses.
..so for a regular FSA, do OTC medications still need a prescription to be a qualified expense (or not)?
Spirit Rider
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Re: Save those first aid and sanitary product receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by Spirit Rider »

2cents2 wrote: Sun Apr 05, 2020 6:15 pm
Spirit Rider wrote: Sun Apr 05, 2020 5:05 pm ..so for a regular FSA, do OTC medications still need a prescription to be a qualified expense (or not)?
Yes, FSAs and HSAs reference the same code sections.
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Re: Save those first aid and sanitary product receipts! New Payment Flexibility, Courtesy Of COVID Rescue Act

Post by BrownEyedGirl_27 »

Great information! Thank you so much
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