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HSA/FSA Resources

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Learn more about your HSA or FSA to take full advantage of your benefits.

What is FSA eligible?

FSA eligible expenses can vary depending on your employer's plan. Check your plan information for a complete list of which items are eligible and which items are not. In general, you can use your FSA dollars to pay for: prescription medications, over-the-counter medications that your doctor provides you with a prescription for, insulin, copayments for doctor's office visits, certain wellness treatments like acupuncture, and certain medical supplies like crutches and braces. Keep in mind that some over-the-counter medications that do not normally require a prescription for purchase may require a prescription from your doctor in order to be eligible for FSA reimbursement. Most over-the-counter supplies, such as bandages and walking canes, do not. Your employer should be able to provide you with a comprehensive list of FSA eligible expenses.

Does my FSA roll over?

In most cases, no. FSA funds come with a "use it or lose it" policy. If you don't spend the money you put into the account by the end of the plan year, you'll lose that money. CVS carries a wide selection of FSA eligible items to help you spend your FSA dollars before they expire. In some cases, your employer may choose to offer one of two options: either allowing you an extra 2.5 months to use your FSA funds before you lose them, or allowing you to roll over $500 per year for use in the following year. Be sure to check with your employer to understand the rules for their FSA plan, and don't put more money into your FSA account than you think you will spend in one year.

What does FSA stand for?

FSA stands for "flexible spending account." It is sometimes referred to as a "health care FSA" and most commonly abbreviated simply as FSA.

What is a flexible spending account?

A flexible spending account, or FSA, is a special account available through employers that offer this health care benefit. You pay a set amount of money into the account at the beginning of the year, and you can then use those funds to pay for certain out-of-pocket health expenses like co-pays for office visits, deductibles, and other health care costs, including certain over-the-counter medicines and supplies. The big benefit of having an FSA is that the funds you put in are deducted from your pay pre-tax, which can save you money come tax season. While some employers may also pay into your FSA, they are not required to. Your HR department can give you more information on the company's policy.

What are the 2020 flexible spending account limits?

2020 FSA limits have increased from last year. In 2020, you can pay up to $2,700 into your FSA account. FSA contribution limits are set on an individual basis so, if you are married, your spouse may also be able to contribute up to $2,700 for the 2020 plan year. In addition to a standard FSA, there are a few other types of health care flexible spending accounts that your employer may offer. A Limited Purpose Flexible Spending Account (LPFSA) is only eligible for use on dental and vision expenses. A Dependent Care Flexible Spending Account (DCFSA) is only eligible to pay for services that your dependents may need, such as preschool, before- or after-school programs for children, and adult daycare. If you have one of these types of FSAs, your eligible expenses and account rules will be different. Talk to your HR department to understand the types of expenses that you can use your funds to cover.

HSA/FSA eligible over-the-counter (OTC) medicines and drugs

These items typically require a valid prescription from your doctor in order to be HSA/FSA eligible. Some items, like allergy, sinus, cold and flu products are now eligible for purchase without a prescription due to the CARES Act.

  • Acid controllers

  • Acne medicine

  • Aids for indigestion

  • Allergy and sinus medicine

  • Antidiarrheal medicine

  • Baby-rash ointment

  • Cold and flu medicine

  • Gotas para ojos

  • Feminine antifungal or anti-itch products

  • Hemorrhoid treatment

  • Laxatives or stool softeners

  • Lice treatments

  • Motion sickness medicines

  • Nasal sprays or drops

  • Ointments for cuts, burns, or rashes

  • Pain relievers, such as aspirin or ibuprofen

  • Ayuda para dormir

  • Stomach remedies

What is the CARES Act?

The President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27 in response to the COVID-19 pandemic. The more than 2 trillion-dollar package addresses the financial pressures facing individuals, businesses, and state and local governments due to the pandemic. The law will also provide emergency funding for hospitals, testing, and vaccine development.

What changes did the CARES Act make to the list of eligible expenses for Flexible Spending Account (FSA) and Health Savings Account (HSA) spending?

The CARES Act made over-the-counter medicine available for reimbursement without a prescription. It also made feminine hygiene products (including but not limited to: pads, tampons, cups, and sponges) an eligible expense.

¿Qué es una HSA?

HSA is a special, tax-advantaged account – meaning money goes in tax-free, earns interest tax-free and is not taxed when it's withdrawn to pay for qualified expenses.

  • You, an employer, or even a family member may make contributions to your HSA.

  • Your HSA dollars earn interest, tax-free.

  • At the end of the year, any money remaining in your HSA rolls over to the next year.

  • You own your HSA, so you keep the funds even if you change jobs or health benefits or insurance plans.

  • You can withdraw money directly from your HSA using your debit card or checks to cover qualified expenses. Or, allow the account to grow over time and use it to help pay for future health-related expenses - like long-term care, insurance premiums, COBRA premiums and certain retiree expenses.

Is there an annual "cap" or maximum amount that may be contributed to my HSA?

The annual maximum contribution is $3,000 per individual / $5,950 per family regardless of the HDHP deductible. If you do not contribute the annual maximum amount to your HSA in any year, you have until April 15th (or whenever you file your taxes, whichever is earlier) of the following year to make additional contributions up to that maximum. You may contribute for a full year to the HSA, even if you join mid-year, provided that you continue to be eligible for HSA contributions by being enrolled in HDHP coverage for a full 12 months. Failure to maintain such coverage may result in income tax and a 10-percent penalty on contributions made. These limits will be adjusted for inflation in future years.

What expenses can I pay for with my HSA?

Your HSA can be used to pay for most "qualified medical expenses," as defined by IRS Code 213(d). These expenses include, but are not limited to, medical plan deductibles, diagnostic services covered by your plan, over-the-counter drugs, LASIK surgery and some nursing services. You can also use HSA dollars for COBRA premiums and health premiums if you are unemployed. When you reach age 65, you can use the HSA to purchase any health insurance other than a Medigap policy. You may not, however, continue to make contributions to your HSA once you are enrolled in Medicare.

Understanding flexible spending account eligible expenses

In general, most over-the-counter medications and drugs require a prescription or note of medical necessity from your doctor. Over-the-counter supplies can usually be purchased with HSA or FSA funds without any additional documentation. However, if you have questions or are unsure if a particular item is HSA/FSA eligible, it is always best to check your plan information or ask your plan administrator.

HSA/FSA eligible over-the-counter (OTC) supplies

These items usually do not require any documentation from your doctor in order to be HSA/FSA eligible.

  • Bandages (adhesive or elastic)

  • Braces and supports

  • Catheters

  • Condones

  • Contact lens solution and supplies

  • Muletas

  • Dentures and denture adhesives

  • Diagnostic tests and monitors

  • Elastic wraps

  • Feminine Care Products

  • First aid supplies

  • Insulina

  • Ostomy products

  • Pruebas de embarazo

  • Gafas para lectura

  • Walkers, wheelchairs, or canes

Keep in mind that the list of approved HSA/FSA items is maintained by the IRS and may change at any time. This list provided by CVS is not a substitute for checking your plan documentation. If you have questions or concerns about HSA/FSA qualified expenses or how to get the most out of your HSA/FSA, don't hesitate to ask your plan administrator for more information.

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