OTC Medications & Medical Flexible Spending Accounts

Starting January 1, 2011, over-the-counter (OTC) medications can no longer be reimbursed through medical Flexible Spending Accounts (FSAs) unless prescribed by a doctor. This change also applies to Health Savings Accounts (HSAs) and Archer Medical Savings Accounts.

The change does not affect insulin, even if purchased without a prescription, or other health care expenses such as medical devices, eye glasses, contact lenses, co-pays and deductibles.

Previously, OTC purchases such as pain relief and allergy medication could be reimbursed through these plans. If you have a medical spending account, you should keep this change in mind when deciding on how much to contribute for the coming year.

(October 26, 2010)

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