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Dietary Supplements as Qualified Medical Expenses: New Tax Benefits.

This bill aims to allow the cost of certain dietary supplements to be included as qualified medical expenses. This means citizens can use Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), Flexible Spending Arrangements (FSAs), and Health Reimbursement Arrangements (HRAs) to pay for these products, potentially offering tax advantages.
Key points
Costs of certain dietary supplements can be paid for using Health Savings Accounts (HSAs) and Archer MSAs.
Expenses for dietary supplements will qualify for reimbursement from Health Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs).
These changes apply to expenses paid or incurred after December 31, 2021, potentially reducing out-of-pocket health-related costs.
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Additional Information
To amend the Internal Revenue Code of 1986 to include certain over-the-counter dietary supplement products as qualified medical expenses.
Print number: HR 5747
Sponsor: Rep. Boyle, Brendan F. [D-PA-2]
Process start date: 2021-10-27