“CHPA applauds Representative Lynn Jenkins on her recent introduction of H.R. 4618 which will provide two years of tax relief for millions of consumers by allowing them, once again, to use their existing Health Savings Accounts (HSAs) and Flexible Spending Arrangements (FSAs) to purchase over-the-counter (OTC) medicines.
“Since 2011, a provision in the Affordable Care Act (ACA) has prevented consumers from using savings from their tax-preferred HSA and FSA accounts to purchase OTC medicines without a prescription. Representative Jenkins’ bill is a common-sense tax reform and a good health policy for many families who rely on non-prescription OTC medicines to treat common ailments such as allergies, cough and colds, or pain. Every dollar spent by consumers on OTC medicines saves the U.S. healthcare system $6-$7, contributing a total of $102 billion in savings each year.
“CHPA urges the Ways & Means Committee to advance this important bill. According to a survey conducted by Harris Poll on behalf of CHPA, the majority of Americans (75%) favor including OTCs in FSAs and HSAs.”
