Sunday, February 20, 2011
Medical Flex Spending Accounts for 2011
Please note, any supplements that you normally claim via flex spending will now require a prescription!! Anything that is over the counter cannot be claimed through flex spending without a prescription.
So, check with your doctor and make sure you have your ducks in a row. If you contribute to a flex spending account and try and use it for over the counter items, it will be added to your gross income with a 20% penalty!!! Supplements (as recommended by our doctors) comprise a huge portion of our flex spending reimbursements and I bet many other families are in the same boat. So, make sure you are covered and you get your doctor to write up a prescription for ALL of those over the counter supplements, including cough syrups, homeopathic remedies, even pain relievers like Ibuprofen and Tylenol (which ideally you are not using these days much but just in case....). By the way, if your 2010 plan allows you to spend into 2011 (usually March 15th is the deadline), this new requirement applies! So, if you still have 2010 funds to use, you will be required to submit a prescription along with the reimbursement request!
Read the Kiplinger article HERE