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Changes to FSAs and HSAs: Nothing to Sneeze At

By: Donna Ray Berkelhammer. This was posted Thursday, September 16th, 2010

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Many employees take advantage of Flexible Spending Accounts

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Tags: allergies, chronic conditions, employee benefits, flexible spending account, FSA, health care, Health Care Act, health care reform, health savings account, Healthcare and Education Reconciliation Act, HSA, Income Tax, income tax savings, medical expenses, otc medications, pre-tax dollars, prescription medication, special needs, special needs children, Taxation

This entry was posted on Thursday, September 16th, 2010 at 9:43 am and is filed under business law, Consumer Law, health care, small business, Tax, Taxation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Comments:

• OTC meds are no longer eligible, but other OTC medical supplies are. The following was in a bank’s HSA brochure on this topic:

  Eligibility of Over-the-Counter (OTC) items effective January 1, 2011 Healthcare reform legislation signed into law in March 2010 impacts OTC purchases with HSAs beginning January 1, 2011. While some OTC items will maintain current eligibility status, certain drugs and medicines will require a prescription to be considered an eligible expense.

  Eligible over-the-counter items:
  Band aids
  Birth control
  Braces and supports
  Contact lens solution and supplies
  Elastic bandages and wraps
  First aid supplies
  Reading glasses

  Ineligible over-the-counter medications
  (unless accompanied by a prescription):
  Acid controllers
  Acne medication
  Allergy and sinus
  Antibiotics
  Anti-itch and insect bite
  Cough, cold and flu medicine
  Eye drops
  Indigestion
  Laxatives
  Motion sickness
  Nasal sprays
  Ointments and creams
  Pain relief
  Respiratory treatments
  Sleep aids and sedatives
  Stomach remedies

  Posted by: New Info | September 22nd, 2010 at 1:02 pm
   

• Hi. I read a few of your other posts and wanted to know if you would be interested in exchanging blogroll links?

  Posted by: Offers in Compromise | September 20th, 2010 at 1:57 pm
   

• A thoughtful opinion and idea I will use on my blog. You’ve obviously spent a lot of time on this. Thanks

  Posted by: web host | September 17th, 2010 at 9:53 am
   

• Interesting subject. The marajuana users in my group like to talk about this.

  Posted by: Self Help | September 16th, 2010 at 9:35 pm
   

• ohhh nice info

  Posted by: IRS Wage Garnishments | September 16th, 2010 at 3:23 pm
   

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