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OTC EXPENSES NOW ELIGIBLE FOR HSA, FSA, HRA REIMBURSEMENT

On March 27, 2020, President Trump signed into law the CARES Act, which permanently reinstates coverage of over-the-counter (OTC) drugs and medicines as eligible for reimbursement from Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) without need for a prescription. It further expands the definition of qualified OTC items to include menstrual care products. This change is effective for expenses incurred on or after January 1, 2020.