If you have a health care flexible spending account, through your employer, it’s about to become less flexible. New federal regulations that take effect Jan. 1 require a prescription for drugs purchased with FSA money, limiting the purchases you can make tax-free. The same rules apply to health-reimbursement arrangements, health-savings accounts and the less-common Archer medical-savings accounts. Things to consider before the rules kick in:
• This year, use your FSA money to stock up on over-the-counter drugs and medicines before January.
• A minor loophole or workaround in the new rule is that you can still buy over-the-counter medications if prescribed by your doctor. So if the doctor says, “Give the toddler Children’s Tylenol,” ask the doc to write a script so you can buy it with FSA money.
