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Over-the-Counter Medicine cannot be reimbursed from your HSA after 2010
Beginning January 1, 2011 the cost of an over-the-counter medicine or drug cannot be reimbursed from your Health Flexible Spending Arrangements (HFSA), Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), or Archer Medical Savings Accounts (MSA) unless a prescription is obtained. The reimbursement for insulin is not affected by this change.
Reimbursement of other health care expenses such as medical devices and eye glasses are not effected . The new rules apply only to purchases of over-the-counter medication made on or after January 1, 2011. Claims for medicines or drugs purchased without a prescription in 2010 can still be reimbursed in 2011 if allowed by the employer's plan.
For the full article published by the Internal Revenue Service, please click on the Quick Link IRS Newsroom. The location of our "Quick Links" changed. See the section titled "Quick Links" below. |
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An archive of News Notes is now available on our web page. Click on the Angle, Zaebst & Associates quick link (below) to go to our website, then click on the News Notes Archives link found on our homepage. |
Each entity or individual's situation is unique and should be analyzed based upon all of the laws and regulations that exist at the time of a decision. Although we try to send current and accurate information, laws change and can be complex. The information presented in this e-mail should not be construed as legal, tax or accounting advice. You should consult with Angle, Zaebst, & Associates CPA's or other professionals familiar with your particular situation for advice concerning specific tax or other matters before making any decision.
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