Conformed Definition of Medical ExpensesNational Health Care Reform Legislation, tax changes, Uncategorized — By jthompson on July 9, 2010 at 12:25 PM
Conformed Definition of Medical Expenses—Tax Years Beginning 2011 or Later. In 2011, the definition of medical expenses for the itemized medical expenses deduction will be extended to apply to health savings accounts, Archer Medical Savings Accounts (MSAs), health flexible spending arrangements, and health reimbursement arrangements. An exception to this rule is included so amounts paid for over-the-counter medicine prescribed by a physician qualify as a medical expense. This will restrict the field of previously qualifying services and expenses and will raise $400 million in 2011 and $5 billion over 2011–2019.
Source: The Common Wealth Fund