Are you enrolled in a health care flexible spending account (FSA) for the 2020 plan year? A health care FSA is a great tool to help you save money on common household expenses – like first aid kits, sunscreen, or doctor co-pays – since it allows you to use pre-tax money to pay for hundreds of eligible expenses, saving you an average of 30%.
During the current COVID-19 crisis, we know families are thinking about ways to save money while also staying safe by limiting contact with others through social distancing. To help, we’d like to share some tips and updates to your health care FSA to help you stay safe AND save money.
New Items Added to the Eligible Expenses List
Recently, the CARES Act was signed into law, which expanded the list of eligible expenses you can use your health care FSA money on. Newly eligible expenses include popular over-the-counter drugs without a doctor’s prescription and menstrual care products. Find a highlighted list of new items below:
- Pain relief medications
- Cold and flu products
- Allergy products
- Heartburn medications
- Menstrual care products
- Find a complete list of eligible expenses here.
Shop for Eligible Expenses from Home – Delivered Right to Your Door
While you can shop anywhere for eligible expenses, we’d like to remind you of the convenience of using the FSA Store for easy online shopping.
- FSA-eligibility guarantee: all items on the FSA Store website are guaranteed to be eligible expenses, so you never have to worry about accidently purchasing a product that doesn’t qualify.
- Save time: if you use your FSA card while shopping on the FSA Store your purchases are automatically substantiated – no need to upload any receipts to your account.
- Stay safe: shop while practicing safe social distancing, since all items are delivered directly to your door.
Please note that anyone can shop online at the FSA Store, not just people enrolled in a Health Care FSA.
How Can I Enroll in a Health Care FSA?
Benefits-eligible MSU employees have the option to enroll in a health care FSA during Open Enrollment each year in October. Learn more about FSAs on the HR website.