The Restoring Access to Medication Act would repeal amendments made by the Affordable Care Act which prevent patients from using their Health Savings Accounts (HSA) or Flexible Spending Accounts to purchase over-the-counter drugs.
A Health Savings Account (HSA) is a special medical savings account that allows the holder to make tax-free contributions and withdrawals for certain medical expenses. HSAs must be paired with specific types of health insurance plans, and can be used for out-of-pocket medical, dental, and vision expenses.
Traditionally, patients were able to use money in their HSAs to purchase over-the-counter drugs and medication like allergy medicine, aspirin, and vitamins.
Under the Affordable Care Act, non-prescribed medicines or drugs are no longer considered qualifying medical expenses for tax-preferred purchase with an HSA. Patients can still use their HSAs to purchase prescription drugs; insulin; over-the-counter medical supplies like reading glasses, bandages, and crutches; and over-the-counter medications if they obtain a prescription.People who use incorrectly use an HSA to purchase non-eligible items are subject to a 20 percent tax penalty.