December 1, 2020
Have You Used Your Health Care Flexible Spending Account?
Submitted by Jennifer R Wilson
Did you enroll in a health care flexible spending account (HCFSA) or limited purpose flexible spending account (LPFSA) this year? FSA funds are funds an employee puts aside with each paycheck to help pay for health care related expenses. One drawback to an FSA is that you'll lose funds if you don't use them. As 2020 draws to a close, be sure to check your FSA account balance to be sure you won't lose your hard-earned cash.
A couple of important changes were recently made to FSA usage rules. For plan year 2020, you may roll up to $550 of unspent funds to 2021 to spend on healthcare expenses. You may now use an FSA to purchase over-the-counter drugs not prescribed by a doctor and menstrual care products. A list of FSA eligible expenses is available from FSAFEDS.