Democratic and Republican representatives introduced a new bill—the Restoring Access to Medication Act—that would allow health savings accounts (HSA), flexible spending accounts (FSA), and health reimbursement arrangements (HRA) to reimburse over-the-counter (OTC) medical products, such as Ibuprofen and cold medicines.
This bill would overturn a provision of the Affordable Care Act (ACA) that prohibits FSA, HRAs, and HSAs from reimbursing OTC drugs, unless the drug is insulin or prescribed by a physician. The bill would also allow for feminine hygiene products to be treated as qualified medical expenses that could now be reimbursed through an FSA, HRA, or HSA. The ACA provision that prohibits FSAs, HRAs, and HSAs from reimbursing OTC drugs has resulted in increased medical costs for people who currently have to see their doctor to get a prescription for OTC items or purchase more expensive prescription medicines in order to get reimbursed from their FSA, HRA, or HSA.
In short, no action is being taken yet. Although Congressional committees are holding multiple hearings on healthcare related matters, no indication has been given on whether these new bills would be taken into consideration in the near future. Ameriflex will continue efforts to encourage Congress to expand usage of the FSAs, HRAs, and HSA. In the meantime, we’ll keep you informed on the latest activity for these bills.
Questions about FSAs, HRAs, and HSAs? Click here to get in touch with a member of our team.
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