Content about Financial Services Authority

November 6, 2013

U.S. Sens. Pat Roberts, R-Kan., and Mary Landrieu, D-La., on Tuesday introduced legislation that repeals a portion of Obamacare that prohibits people from using their medical savings account funds to buy over-the-counter medications.

WASHINGTON — U.S. Sens. Pat Roberts, R-Kan., and Mary Landrieu, D-La., on Tuesday introduced legislation that repeals a portion of Obamacare that prohibits people from using their medical savings account funds to buy over-the-counter medications. Under current law, plan participants may no longer use funds from these accounts to purchase OTC medications, unless they have a prescription for the medication.

July 29, 2013

The Consumer Healthcare Products Association endorsed the Restoring Access to Medication Act (H.R. 2835), which would repeal a requirement enacted into law as part of the Patient Protection and Affordable Care Act of 2010 that requires consumers to obtain a prescription in order to utilize their flexible spending arrangements and health savings accounts to purchase over-the-counter medicines.

WASHINGTON — The Consumer Healthcare Products Association on Friday endorsed the Restoring Access to Medication Act (H.R. 2835) introduced by Reps. Lynn Jenkins, R-Kan., and John Barrow, D-Ga., which would repeal a requirement enacted into law as part of the Patient Protection and Affordable Care Act of 2010 that requires consumers to obtain a prescription in order to utilize their flexible spending arrangements and health savings accounts to purchase over-the-counter medicines.

March 26, 2013

U.S. Rep. Erik Paulsen, R-Minn., and Sen. Mike Johanns, R-Neb., introduced legislation repealing restrictions placed on health savings accounts and flexible spending accounts in the Patient Protection and Affordable Care Act.

WASHINGTON — U.S. Rep. Erik Paulsen, R-Minn., and Sen. Mike Johanns, R-Neb., last week introduced the Family Health Care Flexibility Act, repealing restrictions placed on health savings accounts and flexible spending accounts in the President’s healthcare law. A provision in the Patient Protection and Affordable Care Act, already in effect today, prohibits HSA and FSA participants from using their account dollars to purchase over the counter medicines without a prescription.  

June 1, 2012

This is one of the tweaks health reform needs to make it meaningful and to appropriately align all of the incentives in the right direction — and that's toward overall healthcare cost reduction.

WHAT IT MEANS AND WHY IT'S IMPORTANT — This is one of the tweaks health reform needs to make it meaningful and to appropriately align all of the incentives in the right direction — and that's toward overall healthcare cost reduction. Because mandating a prescription in order that nonprescription medicines would be eligible expenses under either flexible spending accounts or health savings accounts just never made sense, intuitive or otherwise.

April 25, 2012

The Consumer Healthcare Products Association on Wednesday testified before a House subcommittee to urge legislators to restore over-the-counter medicines' eligibility under flexible spending accounts.

WASHINGTON — The Consumer Healthcare Products Association on Wednesday testified before a House subcommittee to urge legislators to restore over-the-counter medicines' eligibility under flexible spending accounts.

December 20, 2011

The Pharmacy Technician Certification Board on Tuesday announced a push to inform patients with practical solutions on how to best utilize remaining 2011 flexible spending account funds.

WASHINGTON — The Pharmacy Technician Certification Board on Tuesday announced a push to inform patients with practical solutions on how to best utilize remaining 2011 flexible spending account funds.

July 18, 2011

There are few certainties in life — death, taxes and the fact that you can get one heck of a healthcare bargain at your local pharmacy counter. And thanks in no small part to the industry associations advocating for pharmacy — including the National Association of Chain Drug Stores, the National Community Pharmacists Association and the Consumer Healthcare Products Association — the lawmakers on the Hill are finally “getting it.”

WHAT IT MEANS AND WHY IT’S IMPORTANT — There are few certainties in life — death, taxes and the fact that you can get one heck of a healthcare bargain at your local pharmacy counter. And thanks in no small part to the industry associations advocating for pharmacy — including the National Association of Chain Drug Stores, the National Community Pharmacists Association and the Consumer Healthcare Products Association — the lawmakers on the Hill are finally “getting it.”

February 11, 2011

It never made much sense to make health care less affordable under the Affordable Care Act — neither did the requirement of a prescription for a nonprescription remedy jive with proponents of flexible spending accounts. So it’s little wonder that the FSA rule changes were the first piece of ObamaCare to face a congressional axe, as was widely speculated just last week.

WHAT IT MEANS AND WHY IT’S IMPORTANT — It never made much sense to make health care less affordable under the Affordable Care Act — neither did the requirement of a prescription for a nonprescription remedy jive with proponents of flexible spending accounts. So it’s little wonder that the FSA rule changes were the first piece of ObamaCare to face a congressional axe, as was widely speculated just last week.

February 11, 2011

Recent restrictions imposed on flexible spending accounts appear to be the first piece of ObamaCare to be challenged by the new Congress.

WASHINGTON — Recent restrictions imposed on flexible spending accounts appear to be the first piece of ObamaCare to be challenged by the new Congress.

Sen. Kay Bailey Hutchison, R-Texas, and Rep. Erik Paulsen, R-Minn., on Thursday respectively introduced The Patients’ Freedom to Choose Act, a bill that would repeal two provisions in the Obama healthcare law that limit a patient’s choice in how to use consumer-directed health savings plans, to the Senate and House of Representatives.

February 4, 2011

As much as the Affordable Care Act was a tough pill to swallow for many conservatives, the flexible spending account changes may be the first piece of what many consider to be "bad medicine" to be reversed this year. Incentivizing self-care is better medicine for all constituents.

WHAT IT MEANS AND WHY IT’S IMPORTANT — As much as the Affordable Care Act was a tough pill to swallow for many conservatives, the flexible spending account changes may be the first piece of what many consider to be "bad medicine" to be reversed this year. Incentivizing self-care is better medicine for all constituents.

(THE NEWS: Report: Legislation restoring FSA OTC coverage is coming. For the full story, click here)

February 2, 2011

Legislation repealing a requirement that nonprescription medicines would need an accompanying doctor’s prescription in order to qualify for reimbursement from employee-paid flexible spending accounts could be introduced to both Houses as soon as next week, according to a report published Tuesday in the political daily Politico.

WASHINGTON — Legislation repealing a requirement that nonprescription medicines would need an accompanying doctor’s prescription in order to qualify for reimbursement from employee-paid flexible spending accounts could be introduced to both Houses as soon as next week, according to a report published Tuesday in the political daily Politico.

December 27, 2010

The IRS issued new guidance Dec. 23 that enables consumers to continue to use flexible spending and health reimbursement account debit cards to purchase prescribed OTC products.

WASHINGTON — Though most might associate the Internal Revenue Service with the Grinch, the IRS came through with a last-minute Christmas present for retailers stung by changes in the tax code related to consumers’ use of flexible spending and health reimbursement accounts to purchase approved OTC products.

November 18, 2010

No matter how you slice it, the flexible spending account changes that are part of...

WHAT IT MEANS AND WHY IT’S IMPORTANT — No matter how you slice it, the flexible spending account changes that are part of the overall Affordable Care Act aren’t doing a whole lot by way of saving healthcare dollars, at least not for patients. Indeed, about the only benefactors are those folks who have to make dollars and cents out of what might become the first casualty of the Obamacare healthcare package — those who have to explain how the administration plans to pay for this package, you know, by not raising taxes.

November 17, 2010

A coalition of six associations, including the Consumer Healthcare Products Association and the National Association...

WASHINGTON — A coalition of six associations, including the Consumer Healthcare Products Association and the National Association of Chain Drug Stores, on Thursday called on Congress to repeal the requirement that prevents consumers from using their flexible spending accounts to purchase over-the-counter medicines without a prescription as of Jan. 1.

 

November 14, 2010

A panel of healthcare thought leaders has concluded that a recent IRS rule change going...

WASHINGTON — A panel of healthcare thought leaders has concluded that a recent IRS rule change going into effect Jan. 14, 2011, will demand retail system challenges that are operationally impossible to overcome in the limited time frame required.

And the National Association of Chain Drug Stores couldn’t agree more.

November 10, 2010

Save Flexible Spending Plans — a national grassroots advocacy organization sponsored by the Employers Council...

WASHINGTON Save Flexible Spending Plans — a national grassroots advocacy organization sponsored by the Employers Council on Flexible Compensation — on Thursday called on the new leaders in Congress to follow through on their campaign promises and fix problems with the healthcare-reform law, including the removal of to-be-imposed restrictions on employer-provided flexible spending accounts.

 

November 9, 2010

Drugstore.com on Tuesday released a statement reminding flexible spending account participants that they need to...

BELLEVUE, Wash. Drugstore.com on Tuesday released a statement reminding flexible spending account participants that they need to use the money left in their accounts by the end of the year or they will lose it.

 

October 27, 2010

A New York Times report published Tuesday illustrated exactly how far apart the rubber is...

September 13, 2010

The Internal Revenue Service earlier this month issued guidance reflecting statutory changes regarding the use...

WASHINGTON The Internal Revenue Service earlier this month issued guidance reflecting statutory changes regarding the use of certain tax-favored arrangements, such as flexible spending arrangements, to pay for over-the-counter medicines and drugs.

November 22, 2009

The simple fact is that healthcare reform in this country has to be paid for...

NEW YORK The simple fact is that healthcare reform in this country has to be paid for somehow. But cutting OTCs out of FSAs amounts to an additional healthcare tax levied against Americans actually trying to save money on health care today. That’s just backward thinking.

August 2, 2009

Beyond small business being lost in the big government shuffle, NCPA’s emphasis on this issue...

NEW YORK Beyond small business being lost in the big government shuffle, NCPA’s emphasis on this issue only stresses the importance behind over-the-counter medicines and the class of medicine inclusion as an eligible expense under flexible spending accounts.

 

Because, really, there can be only one impetus behind this letter — one of many customers walked into their local community pharmacy attempting to use an FSA debit card and had to be turned away.

 

July 12, 2009

There are a number of conclusions you can glean from the NCPA’s announcement, which runs...

NEW YORK There are a number of conclusions you can glean from the NCPA’s announcement, which runs counter to a Senate proposal to remove over-the-counter medicines as reimbursable expenses under flexible spending accounts/health savings accounts as a way to help pay for healthcare reform.