If this bill passes, employees will once again be able to use their health savings and flex spending accounts to purchase over-the-counter meds.
It’s called The Family and Retirement Health Investment Act of 2011, and it was introduced by Sen. Orrin Hatch (R-Utah) and in the House by Rep. Erik Paulsen (R-MN).
The bill is designed make HSAs and FSAs accessible to more people, bolster the use of these these accounts and do away with some of the current restrictions.
The bill would also make a number of other major changes to the current HSA and FSA rules, including:
- Allowing a husband and wife to make catch-up contributions to the same HSA
- Allowing individuals to rollover up to $500 from their FSA, and
- Killing the recently enacted deductible limits of $2,000 for single coverage and $4,000 for family coverage for plans sold to small employers.
For additional info on the bill, click.