Another year has flown by, and it’s already time to think about open enrollment for health insurance. Some good news is the latest CARES Act has approved lots of new eligible expenses, which could mean more money in your own pocket if you have an HSA, FSA or HRA account! Read on to see where you may be reimbursed for some of your most common expenses.
Common IRS-Qualified Medical Expenses:
With the modified CARES Act rules, there are now more qualified medical expenses that can be reimbursed.
You can also use your HSA for qualified telehealth services, which is effective until December 31, 2021. Other authorized medical expenses could include acupuncture, birth control, guide dogs, and physical therapy. Click this link to see the full list. Be sure to save your receipts to properly submit claims for reimbursement.
Common Over-the-Counter (OTC) Medications Available Without An RX:
Similarly, the list of eligible OTC medications you can now buy without a prescription has been expanded to include common items, such as acne medicine, pain relievers, allergy, cold and flu medications. Click this link to see the full list. And again, save those receipts for your reimbursement claims against your HSA, FSA or HRA account.
Services That May Be Eligible With A Letter Of Medical Necessity
More services have been added to the list of reimbursables for those who obtain a letter of medical necessity from their doctor. This could include weight-loss programs and massage treatments. Click back to this link for the full list.
Eligible Dependent Care Expenses:
For those with young children or older dependents in their care, the new CARES Act rules allow for more reimbursable expenses, such as babysitting services, before- and after-school programs, and eldercare expenses for in-home or daycare centers. Check out this link for the full list.