Daily Tax Update - April 24, 2012: Hearing Scheduled on the Impact of Limitations on the Use of Tax-Advantaged Accounts for the Purchase of Over-the-Counter Medication

OVERSIGHT SUBCOMMITTEE TO HOLD HEARING ON THE IMPACT OF TAX-ADVANTAGED ACCOUNTS FOR OVER-THE-COUNTER MEDICATIONS:  Tomorrow, the House Ways and Means Subcommittee on Oversight will hold a hearing on limitations on the purchase of over-the-counter (OTC) medication with tax-advantaged accounts such as health care Flexible Spending Arrangements (FSAs), Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs).  The hearing will focus on reviewing the rules affecting FSAs, HSAs and HRAs and the impact the rules have on consumers, physicians, and employers. 

  • In announcing the hearing, Subcommittee Chairman Boustany said, "Too often in Washington, officials make decisions about health care policy based on abstract theories and budgetary scores.  This hearing will focus on how one decision in particular – the limitation on how consumers may use their own FSA, HSA or HRA money – has adversely affected access and affordability for families, physicians, and job creators."

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