Over-The-Counter Items: FSA Eligibility
What are over-the-counter items?
A 2012 study commissioned by the Consumer Healthcare Products Assocation found that the use of OTC medicine would save the U.S. healthcare system $102 billion per year, as much of the savings comes from the utilization of low-cost medicines as opposed to drugs that must be filled by a pharmacist. However, not every OTC product is covered under this distinction, as products like bandages, first aid supplies, diagnostic products and more do not require a prescription. Only over-the-counter items that contain a medical ingredient require a prescription for reimbursement, so this is a helpful piece of information to keep in mind when purchasing OTC products with a consumer-directed healthcare account.