Coronavirus & FSA: Pays to Be Prepared
As we are all aware of the public health crisis that has surged around the globe and has made its way into the United States, a new virus called the coronavirus is placing its grip on Americans. This crisis has everyone taking a closer look at their current state of health, and what products they have readily available at home to keep them prepared for this pandemic.
Many people are stocking up on supplies such as food, toilet paper, and health care products to ward off any potential case of getting sick. Did you know that many health care products are FSA-eligible and can be paid for with pre-tax dollars? BASE® wants to share the tools and know-how needed to take full advantage of tax-free health care benefits.
A Flexible Spending Account (FSA) allows employers to provide their employees with more options to pay for their out-of-pocket medical spending that are not covered under any insurance plan. Qualifying out-of-pocket expenses could include anything from copays to prescription drugs and over-the-counter medical supplies. Many of which can help keep individuals prepared during this public health crisis.
Preparing for viruses is always important. What are some of the coronavirus preparedness products? Many of the same products that can help ward off and treat the seasonal flu viruses may be eligible. In order to be eligible, these preparedness products require a Letter of Medical Necessity (LMN).
Eligible products such as:
- Respiratory therapy
- Nasal decongestants
- Dual hot and cold packs
- First aid kits
- Saline wipes
Not sure if a product is an eligible expense under Code Section 213(d) with an FSA? Check out HealthShopper! This website has a complete list of all eligible products that can be purchased with pre-taxed FSA dollars. With this site, there is no guessing, no uncertainty if expenses are eligible.
It is a responsible choice to be prepared and the pre-tax FSA dollars can help achieve it. Always consult a doctor if there are any medical questions.