If you are enrolled in a Flex Spending Account (FSA) or Health Savings Account (HSA), this video is for YOU! Even if you’re not, I’d still suggest you fast forward to 2:13 for a special guest appearance by my daughter Ella (she’s the cutest).
The CARES Act has expanded your pre-tax benefits! Effective retroactively to January 1st of 2020, over-the-counter (OTC) drugs and medications are now considered eligible medical expenses by the IRS. This means that you can file claims or reimburse yourself for eligible expenses that you’ve paid for over the last few months AND moving forward! The expansion also explicitly lists that feminine/menstrual care products are now included.
Examples of newly eligible expenses include: cough, cold & flu medications, pain relief, sleep aids, allergy & sinus relief, digestive aids, baby rash ointments and cremes. The list goes on...
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See our COVID-19 Series here:
- Lost Medical Coverage due to COVID-19: [ Ссылка ]
- COVID-19 - Two CA Announcements: [ Ссылка ]
- CARES Act - OTC Medication Expansion: [ Ссылка ]
- FFCRA Overview: [ Ссылка ]
- FFCRA FAQs: [ Ссылка ]
- COVID-19 - Return To Work: [ Ссылка ]
- Employee Tested Positive for COVID019: [ Ссылка ]
- FFCRA Tax Credits: [ Ссылка ]
- PPP Loan Forgiveness Taxability: [ Ссылка ]
- Business Budgeting During A Crisis: [ Ссылка ]
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