By purchasing prescription medications and allowable over-the-counter medicines through Bidformedicine, consumers can stretch their HSA dollars to cover more of their medical needs. A Health Savings Account (HSA) is an IRS program that allows individuals or employers to contribute pretax dollars to pay for medical expenses such as prescription medicine and over-the-counter medications not covered by an insurance plan. Unused funds role over to the next year and do not disappear as they do in a Flexible Spending Account. Unspent HSA dollars can accumulate year-to-year and can be used to pay for allowed medical expenses. In general, any product or service that is eligible under a Flexible Spending Account (FSA) is also eligible under an HSA account.

If your employer gives you an HSA account, or you have set up one of your own, you must submit expense deductions on Schedule A of the IRS 1040 form. For additional information visit http://www.irs.gov/formspubs/