Cares Act Changes to HSA (health savings accounts) and FSA (flexible spending accounts)

Key Takeaways

• Over-the-counter drugs and menstrual products can now be reimbursed from FSAs or HSAs without a doctor's prescription—check if your employer has opted into this change
• HSA contribution deadlines for 2019 were extended to July 15th, 2020, giving you more time to make prior-year contributions
• FSA participants can now revoke or change their elections mid-year, allowing you to opt out of dental and vision coverage if circumstances have changed due to the pandemic
• Employer-funded HSAs also benefit from the extended contribution timeline, so confirm with your employer how this applies to your account
• Monitor communications from your employer about which CARES Act provisions they're implementing in your specific plan, as adoption varies by employer