What you need to know: Major changes made to FSAs, HSAs due to COVID-19

CHARLOTTE — There have been major changes made to Flexible Spending Accounts and Health Savings Accounts this year due to the pandemic.

Action 9′s Jason Stoogenke looked deeper at those changes and wants to ensure you are not spending more than needed.

HSAs:

You can now contribute more to your account. It went from $3,550 for an individual and $7,100 for a family to $3,600 and $7,200, respectively.
You can now use that money to pay for telehealth appointments, such as virtual visits, before you have met your deductible.

FSAs and HSAs:

You can still spend the money on the usual medical expenses but now, feminine hygiene products are covered.
You don’t need a prescription for over the counter medication anymore.

“Daily items, such as pain relievers, your Tylenol, your Advil, you’re able to buy acid relievers. You’re able to buy flu and cold and cough medications,” said Millie Aponte, with The Employers Association. “Obviously, you can pay for out-of-pocket expenses that are related to your medical, your dental, your vision, your prescription copays and expenses, but you also have your acupuncture. You have your massages if they’re part of medical treatment, drug addiction treatments, counseling.”

Carrying over FSAs and HSAs:

You can carry over all of your HSA.
FSAs depend on your employer. If your workplace allows you to carry over the money, good news: it went from $500 to $550 this year.

Teywonia Byrd is a nurse anesthetist, and she has been on the front lines of the pandemic.

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“(I’m) glad to be able to work, because I know many people aren’t. (I’m) glad to provide a service,” she said.

Byrd also plans for her own healthcare and has an HSA.

“I think they’re excellent, excellent commodities to have, so to speak,” she told Stoogenke. “Great products. Take advantage. Use it.”

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