Flexible Spending Account Changes for 2011
If your law firm offers Flexible Spending Accounts (FSAs) as part of its benefit package, significant changes are taking place in 2011. The Health Care Reform Act passed by Congress earlier this year eliminates over-the-counter (OTC) medicines and drugs from the list of eligible reimbursable costs. These items will only be reimbursable if specifically prescribed by a medical practitioner. Certain OTC items such as insulin, bandages and contact lens solution will continue to be eligible for reimbursement.
These changes may impact the amount of contributions your employees make to their FSA accounts for the 2011 plan year and beyond. For more information, please contact your accountant or visit the IRS’ website regarding these changes. – Kelly O’Leary, CPA, MBA, Controller
Tags: Flexible spending account
This entry was posted on Thursday, October 7th, 2010 at 9:08 pm by Kelly OLeary and is filed under Law Practice Management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
