Big Changes Coming To Flex Spending Accounts
SAN FRANCISCO (CBS) – Before you log on to make your health care choices this year, beware of some big changes to flex spending accounts. They are a part of the new health care reform law.
Employees can put part of their pay into tax free accounts – called Flex Spending Accounts or FSA’s – which are then used to reimburse out of pocket medical expenses.
Starting January first, over-the-counter drugs won’t be reimbursed from your flex spending unless you have a doctor’s prescription.
Things like bandages, glasses and contact lens solution do apply. For a full list of eligible items, see www.wageworks.com/otcfacts.
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