Announcing 2016 Health Savings Account (HSA) Limits
The HSA contribution limit for family coverage will increase for the 2016 calendar year. The HSA contribution limit for individual coverage will stay the same. Below are the 2016 Internal Revenue Service (IRS) limits.
2016 HSA contribution limits
Mileage rate for eligible medical visits changed to $.17 per mile
Effective January 1, 2017, the standard mileage rate (as set by the IRS) for the use of a car, van, pickup or panel truck for eligible medical visits will be $.17 per mile. The cost of fares for buses, taxis, trains and subways will continue to be reimbursable for the full amount.
Prescriptions required for reimbursement of OTC drugs & medicines
As you may know, the health care reform bills (Patient Protection and Affordable Care Act) were signed into law in March, 2010. Due to this legislation, over-the-counter (OTC) drugs and medicines require a written prescription from your doctor in order to get reimbursed through a Flexible Spending Account (FSA). To understand how you can use an FSA for OTC items, click on the links below.
Video: Legislative changes impacting OTC drugs & medicines
Flyer: Using an FSA for OTC items