Can i buy otc with hsa

These accounts let you use pre-tax dollars on medical costs, which saves you money in the long run. Make a plan for how to get the most out of your contributions. The changes to eligible expenses are effective retroactively to January 1, If you purchased OTC medicines or feminine care products this year, contact your benefits department to see if you can get reimbursed now.

A note about timing: When will everything be in place for card swipes to work for now-approved OTC items? We anticipate that SIGIS and merchant implementation of the new eligible item list will occur gradually within weeks of the President signing the bill into law. Current SIGIS rules require merchants to update their point of sale systems on at least a monthly basis, so you can expect benefits debit cards to work for these purchases in the next 30 days.

However, it is important to emphasize that each merchant will adhere to their own timeline for completion of this process based on their unique internal considerations, and card processors have no ability to influence this.

Check out our resource page. The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.

Hayden is a content marketer for the benefits division of WEX. Hayden joined WEX in after nearly 15 years in journalism as an editor, writer, and designer. He's focused on providing thought leadership content to help our audiences get the most out of their benefits experience.

Learn from experts on a variety of industry topics. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. This allows us to see the company through a different lens or perspective than we normally would. Prior to the passage of the act, these items were only eligible for reimbursement with a prescription. Now that the prescription is no longer required, you can make these purchases using the pre-tax funds you've set aside.

Those with an HSA and other health accounts can now use those funds to pay for over-the-counter OTC medicine, without a prescription. OTC medication includes Acetaminophen, Ibuprofen and many other medications Americans use every day to treat illnesses and feel better. And those savings can really add up.

Managed Healthcare Executive Magazine reported that the average U. Before now, all of that cost had to be out-of-pocket, or could only be reimbursed from your account with a prescription from your physician.