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Got a HSA/FSA? Like OTC Drugs? Better Stock Up Now....
If you want to see how Obamacare will hit you and your family in the wallet, look no further than the inside of your medicine cabinet. Open the cabinet door and you may see an antihistamine such as Claritin for allergies, pain relief medicine such as Tylenol or Excedrin, Pedialyte to prevent your kids from becoming dehydrated when they are sick, and prenatal vitamins if you and your spouse are expecting another one.All of these items in your cabinet have two things in common. One is that they are classified as "over the counter" (OTC) medicines and available without a doctor's prescription. The other is that if you pay for any of these items with money in your flexible spending account (FSA) or health savings account (HSA) -- and according to this guide from FSA administrator Benesyst , all of these are eligible expenses -- you will face an effective tax increase of up to 40 percent on these items in the health care bill that passed the U.S. House of Representatives and is poised to pass the U.S. Senate. Both bills restrict individuals with these pre-tax accounts to buying a "medicine or drug only if such medicine or drug is a prescribed" one. And ironically, this tax that will raise health care costs substantially by creating incentives for the use of more expensive prescription drugs even when OTC drugs are just as safe and effective. Posted by: Cornsilk Blondie 2009-12-26 |
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