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The Affordable Care Act (Obamacare): If You Do Not Have Health insurance (Uninsu

Tax Advantaged Savings Accounts

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Effective January 1, 2011

  • Health Reform 2010 excludes the costs for over-the-counter drugs not prescribed by a doctor from being reimbursed through an HRA or health FSA and from being reimbursed on a tax-free basis through a Health Savings Account (HSA) or Archer Medical Savings Account.

  • The tax on distributions from a Health Savings Account or an Archer MSA that are not used for qualified medical expenses is increased to 20% of the disbursed amount (from 10% for HSAs and from 15% for Archer Medical Savings Accounts.)

Effective January 1, 2010:

The Act limits the amount of contributions to a Flexible Spending Account for medical expenses to $2,500 per year increased annually by the cost of living adjustment.

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