Depending on the specifics of your health-care FSA, you may need to spend what's in your account by Dec. 31 or else forfeit the money.
More than a third of workers with a grace period, 37%, end up forfeiting part or all of their contributions, according to EBRI. However, that's below the 48% with a traditional Dec. 31 deadline who forfeit money, and 49% of those who are allowed to roll over money.If you're uncertain what the rules are for your FSA, reach out to your company's human resources department, Rouleau said. Alternatively, you can check your online FSA portal for information.
For starters, over-the-counter drugs no longer need a prescription to qualify. This includes things such as cold medicines, anti-inflammatories and allergy medicine. Additionally, menstrual care products are now eligible, as are items that have become pertinent during the pandemic: at-home Covid tests, masks, hand sanitizer and other personal protection equipment used to combat the virus., which generally means you can't buy more of a product at one time than you can use in that tax year.
And, of course, you can use your FSA funds for expenses such as doctor and dentist appointments, prescription drugs and other health-care services such as acupuncture and addiction treatment. There also are items that you may not know qualify, such as sunscreen, thermometers, eyecare products, baby monitors and pregnancy tests. FSAstore.com has
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Illinois Coronavirus Updates: Potential for Winter Surge, Variant Tracker UpdateHere’s what you need to know about the coronavirus pandemic across Illinois today.
Read more »
Students rebounded in academic growth on 2022 Illinois Report Card; school ratings returnGrowth slightly outperformed pre-pandemic levels in reading and math — a trend that state officials attribute to pandemic relief funds.
Read more »
Biden Administration Renews Covid-19’s Emergency StatusThe Biden administration has extended Covid-19's status as a public health emergency for another 90 days, preserving measures such as expanded Medicaid and higher payments to hospitals
Read more »
“Having ADHD Is Difficult Enough:” How Youth Mental Health Nosedived In the PandemicMost neurodivergent children face lingering mental health challenges related to the pandemic, according to a recent ADDitude survey. Below, readers share how their child experienced lockdown and how they’ve coped with the changes since.
Read more »
Stimulus checks: 10 million people are still eligible for payments — but have 1 month to claim themSome Americans, especially those who don't pay taxes, may still be due some pandemic money, a government report says.
Read more »
Stimulus checks: 10 million people are still eligible for payments — but have 1 month to claim themSome Americans, especially those who don't pay taxes, may still be due some pandemic money, a government report says.
Read more »