August 9, 2010

Bad News for HSA Insurance Plans

Effective January 1, 2011 individuals and families that currently have a high deductible Health Savings Account, aka HSA will no longer be able to purchase "over the counter" medications through their HSA expense account.

The new law (which is part of our newly passed Health Care Reform 2010 package) removes over the counter drugs not prescribed by a physician from being paid from an HSA, FSA, or HRA on a tax free basis. Additionally if you use HSA funds for non qualified expenses you will face a higher penalty, increasing from 10% - 20%.

To learn more about HSA accounts visit QuoteBroker's website or receive an instant Health Insurance Quote or HSA online.