Posts Tagged 'CARES Act'

CARES Act allows HSA holders to buy over-the-counter medications and tampons

Just learned that the passage of the CARES Act has restored the option to buy OTC drugs with your HSA fund, and has added menstruation products to the list of approved purchases. This is huge, and I definitely plans to stock up on a few regularly used medications that I have been cautious to ration my purchases of.

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Summary from healthequity.com
“The CARES Act restores the ability to use HSAs, FSAs and HRAs to purchase certain OTC drugs and medications, like aspirin and other pain medications, allergy medication, etc., without a doctor’s prescription. For the first time, menstrual care products are considered qualified medical expenses for payment or reimbursement with an HSA, FSA or HRA. Both provisions for OTC and menstrual products apply to amounts paid or expenses incurred on or after January 1, 2020 and are ongoing without an expiration date*.”
Presently, IRS has not published a guidance article at this time. Shame on them!
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December 2022
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