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OTC Medications Up until recently, over-the-counter (OTC) medications were non-reimbursable health expenses. Whether they are cold, allergy, or first-aid items, these health expenses had to be paid out of pocket. However, thanks to changes in the tax law, many employers are offering benefits that cover OTC medications. Reimbursed OTC Medications One such benefit is a flexible spending account offered through take care®. Flexible spending accounts are one of the many common benefits through cafeteria plans. They work in conjunction with employer-sponsored healthcare insurance and can be used to pay for expenses, such as OTC medications, that not covered under the other plan. Purchasing OTC medications through a flexible spending account is simple. If you make these purchases at an approved location, all you need to do is present your FSA debit card. The money will then be debited from your account. Everything from contact lens solution to sleeping aids can qualify under your flexible spending account plan. One of the best parts about flexible spending accounts is how easy they make it to pay for the items you need. Depending on the purchase, many items require no reimbursement paperwork at all! For example, if you pay your prescription co-pay at the local pharmacy, simply swiping your FSA debit card is enough. In the case of OTC medications, you may need to present your receipt to verify that the purchases you made qualify under the plan. |
Additional Topics Consumer-Directed Health Plans Consumer-Driven Health Accounts Dependent Care Flexible Spending Accounts Flexible Health Spending Accounts Flexible Medical Expense Accounts Healthcare Flexible Spending Accounts Health Reimbursement Arrangements IRS Section 125 Cafeteria Plans Medical Expenses and Income Tax Plan for Medical that Health Insurance Doesn't Cover Save on Co-Pays and Over-the-Counter Medications Save on LASIK and Orthodontic Costs Save 25% to 40% on Health Expenses Section 125 Plan Administration |
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