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Senate Proposes Restoring Direct OTC Purchases With Pre-tax Savings In Covid-19 Response Bill

 
• By Malcolm Spicer

Tax-policy provision in Coronavirus Aid, Relief and Economic Security Act, which the Finance Committee calls Congress’ phase 3 coronavirus response, would change current language in Internal Revenue Service rules for HSAs, FSAs, Archer medical savings accounts and other health reimbursement arrangements to allow directly buying OTC drugs and would extend the categories of covered products to include tampons and other menstrual care products.

Nurmijarvi, Finland -07-05-2019: Feminine hygiene products or menstrual hygiene products are personal care products used by girls and women during menstruation
The Senate's Coronavirus Aid, Relief and Economic Security Act extends categories of OTC products that would be eligible for direct purchases with pre-tax savings accounts to include tampons and other menstrual care products.

A proposal to once again allow using pre-tax savings accounts to buy OTC drugs isn’t generating heated debate holding up approval of coronavirus economic stimulation legislation in the US Senate, but neither has it garnered widespread support in the decade since directly paying for OTCs with the accounts was prohibited.

The provision is in the Coronavirus Aid, Relief and Economic Security Act (CARES Act’), S. 3548, for what the Finance Committee calls tax policies for Congress’ phase 3 coronavirus...

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