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Flexible Spending Accounts (FSA) are a great way to save on taxes and help reduce the burden of increases in medical costs. Following are some impending changes in the regulations along with some practical tips to help you make the most of your medical FSA.
Because of this change for over-the-counter drugs, it will no longer be possible to use an FSA debit card to purchase these, even if you have a prescription. It will be necessary to save your receipts along with the prescription and file a claim to receive your FSA reimbursement.
The new Affordable Care Act requires non-grandfathered insurance plans beginning on or after
Fully-insured health insurance plans maintained pursuant to a CBA ratified before
Another way to make the best use of your FSA is to find out if your plan has instituted the optional 75-day grace period, a feature which allows the use of remaining funds from the current year’s contribution until
Interestingly, the rules have not changed for medical devices and supplies, which continue to qualify for reimbursement without a prescription. These are also things that you can purchase to use up the money in your account before the end-of-year or grace period deadline.
* Adult incontinence products
* Birth control
* Contact lenses and solution
* Denture adhesives
* Diabetic supplies (including insulin)
* Ear supplies (e.g., ear plugs)
* First aid supplies (e.g., band-aids)
* Health monitors (e.g., blood pressure devices, kits to test cholesterol or for HIV, thermometers)
* Hearing aids and batteries
* Heat wraps and pads, hot water bottles
* Supports/braces (e.g., ankle or wrist wraps and braces, therapeutic gloves)
Another change is coming