Can’t Use Your FSA or HSA to Buy Over-the-Counter Drugs? AARP Is Working on That

It’s no secret that chronic pain is a common problem among older adults. According to the National Institutes of Health, 50 percent of older adults who live on their own suffer from chronic pain, and that number jumps to 75 percent or higher for seniors living in care facilities. Over-the-counter (OTC) medicines provide older adults with a trusted first line of defense against pain and allow them to manage their symptoms from the comfort of their own home without having …

Flexible Savings Accounts Offer Tax Advantages

The following is a guest post by Alan Kalman. Keep an eye out for a savings opportunity at work in the form of a Flexible Savings Account  (FSA) for next year. These accounts allow you to set aside funds for medical care and dependent care – and in many cases, the costs of public transportation and parking. See also: Need Cash for Health Care? Your contribution is pretax, which means that no federal and generally no state income, Social Security …