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Big changes for Flexible Spending Accounts

Big changes for Flexible Spending Accounts

by Terri Gruca

Bio | Email | Follow: @TerriG_KVUE

kvue.com

Posted on October 25, 2010 at 11:00 PM

Updated Tuesday, Oct 26 at 3:42 PM

Many of you are probably like us here at KVUE signing up for our healthcare coverage for next year.

Flexible spending accounts can be a terrific way to cut down on your costs. However, this year there are some big changes in FSAs. One of the biggest is that starting in 2011 you will no longer be able to purchase over-the-counter medicines unless you have a prescription from your doctor.

For many people buying over-the-counter medicines like allergy medicines, even aspirin was a way to use up any funds that you may have left over before the end of the year.

The change does not affect insulin or medical devices, eyeglasses, contact lenses, co-payments or deductibles.

But for many this is a significant change and one you may need to consider before deciding how much pre-tax money to set aside.

You can find more information on Flexible Spending Accounts here. 

And Caitlin shared this terrific web site that has a contribution calculator.

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