• feed
    Subscribe
    to this Category Feed
  • Over the Counter Drugs May no Longer be Covered Under an FSA

    As of January 1, 2011 over the counter medicines and drugs will no longer be covered under a Flexible Spending Account (FSA) unless a letter of medical necessity is obtained from a physician.  The exception to this is insulin, or health related supplies.  Prescription medications will continue to be eligible, although some items may require additional substantiation regarding necessity.

    According to a study conducted by a large health debit card provider, losing the tax-deductible status for OTC medicines will affect only a small percentage of employee medical FSA reimbursements.  It is suggested that participants continue to make their elections as conservatively as possible, and not drastically reduce their contributions

    Leave a Reply