Medical Flexible Spending Accounts
Health Flexible Spending Accounts
The Health Flexible Spending Account (HFSA) is one of the provisions in the Patient Protection and Affordable Health Care Act (PPACA) and the Health Care and Education Reconciliation Act (HCERA) that January 1, 2011.
This provision will affect employees with a Health Flexible Spending Account (HFSA).
· Over-the-counter (OTC) drugs will no longer be considered an eligible expense for reimbursement effective January 1, 2011, unless you have a prescription from you provider for that OTC drug.
· On January 1, 2013, contributions to the HFSA will be limited to $2,500 per year, indexed for inflation after 2013. For the University of Alaska's plan, that means the change will take effect July 1, 2013.