Those with flexible spending accounts will find that part of the Obama health care changes include a change to what is an eligible expense for their FSA or HSA. Over the counter medications are not going to be reimbursable in 2011 unless they are prescribed by a doctor (so stock up now). This will also make is more difficult to spend and remaining FSA dollars at the end of the year so that they won't be lost. This law change will align the definition of deductible medical expenses for schedule A, FSA, and HSAs.
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IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
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