HOUSTON – If you have a Flexible Spending Account at work, time is running out for you to use that money or lose it. This is money that your employer lets you save tax-free to help pay for medical expenses, like deductibles and co-pays. Most plans require that you use the money by Dec. 31. It’s possible that your plan will let you carry over up to $500 into 2021. Ask your employer to be certain.
This year, the CARES Act added several items to the list of qualified expenses you can use your FSA for.
- Over-the-counter medication: Cold medicine, ibuprofen, acetaminophen or allergy medicine- all of these are qualifying expenses this year. Stock up if you have unused money in your FSA.
- Thermometers & Pulse Oximeters: If you’ve purchased a thermometer or a pulse oximeter, one of those devices that measures the amount of oxygen in your blood, you can get reimbursed for those from your FSA.
- Menstrual Products: If you need tampons, pads, liners or any product to help with your period, buy them now. Save your receipts because these are qualifying items.
These items are not new this year, but it’s a good reminder. you can use FSA money to pay for band-aids and other first aid kit supplies, sunscreen, pregnancy test kits, breast pumps, eye glasses and contacts.