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IRS issues guidance for health spending accounts

NEWS IN BRIEF — Posted Sept. 27, 2010

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The Internal Revenue Service has published online documents to help people and companies deal with the changes to tax-favored health reimbursement accounts mandated by the new health system reform law. The documents were published online Sept. 3 (link).

The agency took this action because next year, over-the-counter drugs not prescribed by a physician no longer will be considered health expenses eligible for reimbursement from flexible spending, health savings or medical savings accounts.

The change does not affect insulin obtained without a prescription or medical equipment such as crutches. Insurance co-pays and deductibles, as well as prescription drugs, are still considered eligible expenses.

Note: This item originally appeared at http://www.ama-assn.org/amednews/2010/09/27/bibf0927.htm.

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