If you have common allergies and rely on over-the-counter medication, stock up on it now if you have a Health Savings Account (HSA). Many medications have become over-the-counter, which makes them easier to get to treat common illnesses and ailments. However, you won’t be able to buy them with your HSA account starting January 1, 2011, unless you have a prescription.
It will be interesting to see if doctors begin prescribing over-the-counter medication so patients can take advantage of the triple tax savings by using their HSA funds.
Insulin will be the only exception. Click here for the IRS breakdown of the changes.
In 2011, make sure you only swipe that HSA account at the pharmacy.