Importing meds: A primer

So, a lot of folks buy their prescription drugs from Canada:

We have found several reliable sources where you can get prescription drugs for a few dollars and in some cases, 100% free.”

A lot of these folks also have either considered running the costs of these meds through their qualified plans, or have actually done so.

No harm, no foul, right?

Well, it’s been kind of a gray area for a while, but thanks to our gurus of all things HSA/FSA/HRA at FlexBank, we seem to have some definitive guidance (of a sort):

The Food and Drug Administration recently announced an action plan for allowing prescription drugs to be imported from Canada and other countries. However, employer plan sponsors and plan administrators must heed caution at this time as this is just the announcement that proposed rules are coming.

For now, one must weigh the tax savings of paying for these meds from one’s HSA/FSA/HRA versus the potential tax consequences if the Federales decide to crack down before this rule is actually in effect.

#CaveatEmptor

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