Reimbursement Accounts: Are Allergy Shots and Allergy Medicine Covered?
Allergies can be a big issue for many people, and finding the right treatment is essential to leading a happy and healthy life. The most common treatments people turn to are allergy shots and medications like antihistamines and decongestants.
Depending on your health plan, these treatments can be costly over time. As an alternative, consider using a reimbursement account like a Healthcare Flexible Spending Account (HCFSA) or Health Savings Account (HSA) to save on certain allergy medicines.
How can a reimbursement account help?
HCFSAs and HSAs are both powerful tools for managing healthcare expenses like allergy treatments and other eligible medical expenses. These accounts allow you to contribute a portion of your pre-tax earnings to pay for eligible medical expenses, providing you a tax advantage. Each account has different contribution limits and qualifications you will need to pay attention to.
HSAs Pack a Triple-Tax-Savings You Don’t Want to Miss
Which medications are eligible?
You can use your HCFSA or HSA to pay for a variety of medical expenses for you, your spouse, and your dependents. Both accounts have similar rules regarding what is an eligible expense and include certain prescription and over-the-counter medications.
Eligible allergy-related treatments include the following:
- Antihistamines
- Decongestants
- Epinephrine
- Nasal sprays and mists
- Sinus rinses
- Neti pots and nasal wash systems
- Anti-itch creams and ointments
- Over-the-counter steam inhalers
- Allergy alert bracelets (for seasonal, food, and prescription allergies)
Additionally, you can use your funds from either reimbursement account for popular over-the-counter pain relievers, such as aspirin or ibuprofen.
The next time you’re in need of allergy shots or allergy medicine, remember that using a reimbursement account like a HCFSA or HSA can help save you money. To get started, check with your employer to see if they offer one or both reimbursement account options.
Learn more about the benefits of reimbursement accounts
This information is intended to be educational. It is general in nature and should not be considered financial, legal or tax advice. Consult an attorney or a tax professional regarding your specific situation.
This information is intended to be educational. It is general in nature and should not be considered financial, legal or tax advice. Consult an attorney or a tax professional regarding your specific situation.
This blog is up to date as of June 2023 and has not been updated for changes in the law, administration or current events.
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