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Over-the-Counter Products Reimbursed By Health Savings Accounts and Other Tax-Favored Health Plans
Efficas Care, like many over-the-counter (OTC) healthcare products, may now be reimbursable through health savings accounts and other tax-favored health plans:
- Flexible Spending Accounts (FSA)
- Health Savings Accounts (HSA)
- Medical Savings Accounts (MSA)
- Health Reimbursement Arrangements (HRA)
For reference, note that the IRS has determined that certain OTC items could qualify as “medical expenses”. The qualifying factor is whether the OTC item is used as part of “medical care” versus being “merely beneficial to health”.
By design these programs offset healthcare costs for individuals. If you participate in any of these health plans, you can request your healthcare professional to determine if Efficas Care, a medical food for the dietary management of allergies and asthma, would be a beneficial addition to your medical care. If he/she agrees, then have them complete the Medical Determination Form.
Many of these health plans require documentation that validates the OTC product expense as “medical care”. A medical determination form is an accepted form of documentation when completed and signed by a healthcare professional. The completed form should be submitted with your request for reimbursement or plan distribution.
Examples of OTC healthcare products included as “qualified medical expenses” when used primarily as part of “medical care” include aspirin, allergy and sinus medication, antacids, cold medicines and pain relievers.
For detailed information about these programs refer to IRS Publication 969, Health Savings Accounts and Other Tax Favored Health Plans.
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