With most Americans on lockdown in their homes due to the coronavirus outbreak and elective medical procedures being put on hold, many of those who own a flexible spending account (FSA)—which must be used in the year in which it is taken—are wondering if they will lose out on their savings. With a contribution limit of $2,750, FSA holders are positioned to potentially lose thousands of dollars.
However, some FSA experts note that the Coronavirus Aid, Relief and Economic Security (CARES) Act expanded the number of medical devices and medicines FSA holders can use their accounts to buy. Furthermore, changes made by the federal government allow FSA holders to use their FSA dollars to take advantage of telehealth and telemedicine services. Read More: PlanSponsor