Content about Flexible spending account

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 11, 2011

The Internal Revenue Service on Thursday reversed itself in announcing that breast-feeding supplies qualify as a medical expense.

WASHINGTON — The Internal Revenue Service on Thursday reversed itself in announcing that breast-feeding supplies qualify as a medical expense.

The ruling now allows moms who are breast-feeding to purchase all supplies using a flexible spending account. Those without FSAs can deduct the expenses as part of their itemized medical expenditures, including breast-feeding expenses incurred in 2010.

February 10, 2011

Companion legislation, which seeks to change a provision in the healthcare-reform law and permit Americans to use their flexible spending accounts and health savings accounts to buy over-the-counter medications without a prescription, has the support of the National Association of Chain Drug Stores.

ALEXANDRIA, Va. — Companion legislation, which seeks to change a provision in the healthcare-reform law and permit Americans to use their flexible spending accounts and health savings accounts to buy over-the-counter medications without a prescription, has the support of the National Association of Chain Drug Stores.

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 10, 2010

The National Association of Chain Drug Stores on Friday released a ready-made pamphlet and sign for its retail members to use in communicating upcoming flexible spending account changes as they relate to over-the-counter medicines.

ALEXANDRIA, Va. — The National Association of Chain Drug Stores on Friday released a ready-made pamphlet and sign for its retail members to use in communicating upcoming flexible spending account changes as they relate to over-the-counter medicines.

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...

October 18, 2010

The National Association of Chain Drug Stores on Tuesday released a letter addressed to the...

October 12, 2010

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

October 10, 2010

The new prescription requirement for over-the-counter medicines under flexible spending accounts, part of the new...

WASHINGTON Drug Store News, for the simple reason that the change actually hurts the people health reform was supposed to help—patients looking to save money on healthcare costs. —The new prescription requirement for over-the-counter medicines under flexible spending accounts, part of the new Affordable Care Act, may amount to bad medicine, many industry pundits have told

And the ramifications of that simple requirement also will be felt across the retail pharmacies that those in search of healthcare savings patronize.

September 26, 2010

As I write this column, it’s the final Super Tuesday primaries in eight states, including...

As I write this column, it’s the final Super Tuesday primaries in eight states, including here in New York, before the big mid-term elections in November. And if the Sunday morning news shows are right, the Democrats are in for a spanking. Given the present state of the economy, the stagnant job market and the American electorate’s need to find someone to blame, it’s really kind of inevitable.

September 21, 2010

The Special Interest Group for IIAS Standards announced Wednesday that the group is making significant...

SAN RAMON, Calif. The Special Interest Group for IIAS Standards announced Wednesday that the group is making significant changes to its Eligible Products List — a list of over-the-counter products eligible for reimbursement under flexible spending accounts — in response to IRS guidance issued earlier this month.

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.

September 20, 2009

Determining just how much FSAs are utilized in the purchase of OTCs has always been...

NEW YORK Determining just how much FSAs are utilized in the purchase of OTCs has always been somewhat of a fuzzy science. Thanks to the U.S. Joint Committee on Taxation, we now have a government source suggesting that about $460 million per year in sales tax revenues would have been generated in the ensuing five years. Using state sales tax rates as of July 2009, the mean average tax across all 50 states plus the District of Columbia is 5.1%.

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.