Save on Colace®
Stool Softeners and Peri-Colace® Laxative
Tablets by Paying with Pre-Tax Dollars!
Over-the-counter (OTC) medications such as Colace
Stool Softeners, and Peri-Colace Laxative Tablets can be paid for using the
pre-tax funds in your Healthcare Reimbursement or Flexible Spending Account
(FSA)!
- By purchasing over-the-counter medications through your FSA, your savings
will be roughly equal to your federal income tax rate.
- Depending on your federal income tax rate, paying with pre-tax dollars
for your OTC medications could represent significant savings on products you
already purchase.
Detailed information can be found on the
Internal Revenue Service (IRS) website (http://www.irs.gov) and on the
Consumer Healthcare Products Association (CHPA) website
(http://www.chpa-info.org)
How to Start Saving
You can use pre-tax funds to purchase over-the-counter products used to
"alleviate or treat personal injuries or sickness" for you, your spouse, and
your children or other dependants.
Making a claim is easy. You will generally need to submit the following:
- The original receipt from your purchase(s)
- A completed claim form (provided by your administrator)
- Any other relevant information required by your employer
Contact your benefits manager or your human resources department for
specific details
You can submit claims for many medicines you purchase throughout the year. In
addition to Colace Stool Softeners, and Peri-Colace Laxative Tablets, these
medicines may include antacids, cold medicines, aspirin, pain relievers, and
allergy medicines. You can also use the funds to purchase cold sore treatments
and smoking cessation products.
Dietary supplements, including vitamins, are covered when used to treat a
current illness but not when used for general health purposes.
If you are self-employed, you may be able to enjoy these same benefits
through your Medical Savings Account. Contact the IRS or your accountant for
more information.
FAQs
Who decided over-the-counter medications such as Colace Stool Softeners, and
Peri-Colace LaxativeTablets could be paid for using the pre-tax funds in
Healthcare Reimbursement or Flexible Spending Accounts?
The Treasury Department and Internal Revenue Service (IRS) issued guidance
clarifying that reimbursements for nonprescription drugs by an employer health
plan are excluded from income. Thus, reimbursements by health flexible spending
arrangements (FSAs) and other employer health plans for the cost of
over-the-counter drugs available without prescription are not subject to tax if
properly substantiated by the employee.
- By purchasing over-the-counter medications through your FSA, your savings
will be roughly equal to your federal income tax rate. Depending on your
specific situation, this could represent significant savings on products you
already purchase.
How can I start saving on Colace Stool Softeners, and Peri-Colace Laxative
Tablets?
You should contact your benefits manager or your human resources department
for specific details.
Making a claim is easy. You will generally need
to submit the following:
- The original receipt from your purchase(s)
- A completed claim form (provided by your administrator)
- Any other relevant information required by your employer
What if I’m self-employed?
If you are self-employed, you may be able to enjoy these same benefits
through your Medical Savings Account. Contact the IRS or your accountant for
more information.
What other OTC Products are eligible for savings?
You can use pre-tax funds to purchase over-the-counter products used to
"alleviate or treat personal injuries or sickness" for you, your spouse, and
your children or other dependants.
This includes medicines you purchase throughout the year such as: laxatives,
stool softeners, antacids, cold medicines, aspirin, pain relievers, and allergy
medicines. You can also use the funds to purchase cold sore treatments and
smoking cessation products.
Dietary supplements, including vitamins, are covered when used to treat a
current illness but not when used for general health purposes.
Where can I get more information?
Detailed information can be found on the
Internal Revenue Service (IRS) website (http://www.irs.gov) and on the
Consumer Healthcare Products Association (CHPA) website
(http://www.chpa-info.org)
