You Can Now Use FSA Or HSA Money To Buy Menstrual Products
When talking about the Coronavirus Aid, Relief and Economic Securities (CARES) Act recently passed by Congress and signed into law by the president, most people associate it with a relief check coming from the U.S. Treasury Department. Of course, this is welcome news for the millions of people who have
Posted — UpdatedMany companies offer employees an FSA or an HSA as a way to put money into an account with money from their paycheck before taxes are taken out by the government. These pre-tax dollars can be spent on qualified medical expenses, as defined by the federal government.
Now, menstrual products have finally been re-classified as “medical expenses,” which means they can be purchased in stores with FSA or HSA debit cards. This move should help to make period products more financially accessible to millions of people.
A similar bill including menstrual products as FSA- and HSA-eligible expenses was previously passed in 2018 by the U.S. House of Representatives. At the time, Representative Grace Meng of New York, who authored and co-sponsored the bill, celebrated the win as a step toward changing the “wrongheaded policy” of not allowing menstrual products to be purchased with FSA or HSA funds.
“It brings us another step closer towards making menstrual hygiene products more accessible and affordable to women. Menstrual hygiene products are essential and necessary for women, and deserve to be items that are permitted to be purchased with health flexible spending account funds.”
It is not clear if these changes in menstrual product eligibility will remain a permanent fixture in tax law. However, for the time being, it is good news for anyone looking to use their pre-tax dollars on these medical necessities.
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