As more health insurance plans come with high up-front deductibles for patient care, flexible spending accounts may become an important element of employee benefit packages. However, some legislators may have limited FSAs to a point that may act as a detriment to employees, according to Employee Benefit News.
Beginning in 2013, FSAs will be capped at $2,500. As health insurance exchanges gain prominence, and family deductibles grow into the thousands for yearly health insurance costs, this cap on FSAs may serve to put a dent in healthcare budgets for many individuals, the source reports.
While this restriction may deter some, benefit consultants should still educate their staff about the benefits of obtaining an FSA in order to use pre-tax income to subsidize healthcare spending. While the funds currently apply to any costs incurred at a doctor's office or other healthcare facility, they may also soon apply to over the counter medications often used by families to treat minor injuries and ailments.
The Restoring Access to Medication Act recently put forth by a bipartisan group of legislators calls for the renewed inclusion of OTC medicines in the list of items that can be purchased using FSA monies, according to The Consumer Healthcare Products Association.
