On December 31, 2010, many of the products currently eligible for reimbursement through Flexible Spending Accounts will no longer be covered unless your physician provides you with a prescription. That’s important to note since you can get your physician to write a prescription for the expensive OTC drugs that you use, and you will be eligible for reimbursement. You will need to send in your prescription with your receipts for reimbursement, and you will not be able to use an FSA debit card. That may be a good thing since many of the those debit cards are a nightmare to use.
Here’s a handy list of qualified and nonqualified expenditures post 12/31
The Joint Committee on Taxation estimates that this will generate revenue in excess of $5 billion in the first ten years.
Here’s a website that you can use to calculate your share of the $5 billion: Save Flexible Spending Plans.
