http://www.discoverybenefits.com/Get the latest press releases from Discovery Benefits(c) 2012 Discovery Benefits60As Congress considers changes to improve the Affordable Care Act and seeks to make our health care system work better, we are actively pursuing changes to the Act in an effort to remove restrictions placed on flexible spending accounts (FSAs). We are asking Congress to repeal the over-the-counter prescription requirement that is now in effect, as well as the annual $2,500 cap on FSA contributions that is set to go into effect in 2013. There has been some movement in Congress to fix the restrictions on FSAs. We support legislation introduced by Senator Kay Hutchinson and Representative Erik Paulsen (S. 312 and H.R. 605 respectively) that would repeal the requirement for patients to secure a doctor's prescription in order use an FSA to pay for the purchase of OTC medications and planned $2,500 contribution cap. Representatives Boustany (R-LA-1) and John Larson (D-CT-1) are urging their colleagues to join them in cosponsoring H.R. 1004, the “Medical Flexible Spending Account (FSA) Improvement Act.” The legislation would repeal the use-it-or-lose-it rule by allowing participants to cash out any remaining FSA balances at the end of the plan year with the funds treated as taxable wages in the year distributed. On March 10, 2011, H.R. 1004 was referred to the House Committee on Ways and Means, the first step in the legislative process. http://www.discoverybenefits.com/pressroom/article/support-fsa-legislationMon, 25 Apr 2011 00:00:00 GMTAs a result of Health Care Reform, the IRS will require a prescription for OTC medication to be eligible for reimbursement. This change is for medicine purchased on January 1, 2011 or later. http://www.discoverybenefits.com/pressroom/article/changes-in-otc-medication-reimbursementMon, 22 Nov 2010 00:00:00 GMT