As some of us are in open enrollment at our jobs, please take into account the following when setting aside how much money we want in our flexible savings accounts in the new year:
Beginning January 1, 2011, if you are accustomed to utilizing your FSA money to get reimbursed for over the counter prescription purchases, you are in for a possibly rude awakening. You will now need a prescription to have your OTC pain reliever, for example, covered by a FSA. This rule does not apply to insulin, eyeglasses, contact lenses, and other medical devices. You may want to purchase your OTC medications before the year ends. This is part of the Affordable Care Act (the health care reform passed in March).