Dietary Supplements as Medical Expenses: New Tax Benefits.
This bill allows certain over-the-counter dietary supplements to be considered qualified medical expenses. This means citizens can now use funds from Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), Flexible Spending Arrangements (FSAs), and Health Reimbursement Arrangements (HRAs) to purchase these products, potentially reducing their tax burden.
Key points
Over-the-counter dietary supplements can now be paid for using Health Savings Accounts (HSAs) and Archer MSAs.
Expenses for dietary supplements can also be reimbursed from Health Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs).
These changes apply to amounts paid or expenses incurred after December 31, 2020, potentially allowing for deductions on past purchases.
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