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Healthcare Reform Law May Impact Health Savings Account Reimbursements for Over-the-Counter Purchases.
If you use flexible spending dollars for your OTC- health aids- purchases, the new healthcare reform law may impact you.
The Internal Revenue Service (IRS) has placed restrictions on the purchases of over-the-counter medications using funds from pre-tax healthcare accounts. More than 15,000 products will be affected by these new reimbursement regulations.
Beginning Saturday, January 1, 2011, purchases of many OTC medications will only be eligible for pre-tax healthcare account reimbursement when they are purchased with a prescription.
The following pre-tax healthcare accounts will now be restricted:
Flexible Spending Accounts (FSA)
Health Reimbursement Accounts (HRA)
Health Savings Accounts (HSA)
Medical Savings Accounts (MSA)
Please contact your health insurance company, your healthcare plan or your employer to inquire about the impact of these new government restrictions on you.