WASHINGTON--(BUSINESS WIRE)--Headline of release should read: CHPA Applauds the Restoring Access to Medicines Act of 2015 (instead of CHPA Applauds the Family Health Care Flexibility Act).
The corrected release reads:
CHPA APPLAUDS THE RESTORING ACCESS TO MEDICINES ACT OF 2015
Legislation will reverse ban on OTC eligibility that impacts millions of Americans
The Consumer Healthcare Products Association (CHPA) is pleased to lend its strong support for the Restoring Access to Medicines Act of 2015 (H.R. 1270), introduced into the U.S. House of Representatives by U.S. Rep. Lynn Jenkins (R-Kan.) and U.S. Rep. Ron Kind (D-Wis.).
The bipartisan Restoring Access to Medicines Act of 2015 would repeal a provision of the Affordable Care Act (ACA) that requires consumers to obtain a prescription in order to utilize their flexible spending arrangements (FSAs) and health savings accounts (HSAs) to purchase non-prescription over-the-counter (OTC) medicines.
According to the American Association of Preferred Provider Organizations, 45 million Americans hold tax-preferred savings accounts, including HSAs and FSAs. A 2014 Nielsen study notes that 74 percent of U.S. adults are in favor of a change in the law that would allow individuals to once again use FSA funds to purchase OTC products.
“We thank Rep. Jenkins and Rep. Kind for their leadership in working to restore FSA and HSA holders’ right to use their set-aside dollars to purchase commonly used OTC medicines without an unnecessary and costly doctor visit,” said CHPA President and CEO Scott Melville.
“This legislation is a great example of common sense reform that would reduce the cost of healthcare and lessen the burden on physicians imposed by current FSA/HSA restrictions.”
“As today’s consumers are being required to absorb larger copays and deductibles in their health plans, they are increasingly turning to FSA and HSA offerings and demanding value in their healthcare choices. It’s therefore more important than ever to restore OTC medicines as medically reimbursable healthcare therapies under FSA/HSA programs – just like prescription medicines and other healthcare products and services.”
A 2012 Booz & Company study estimated that OTC medicines provide $102 billion dollars in savings to our nation’s healthcare system every year, thanks in part due to avoided doctor’s visits that could be otherwise treated with OTC medicines. That same study noted that for every dollar consumers spend on over-the-counter medicines, it saves the U.S. healthcare system $6-7 dollars.
The bill is supported by the Health Choices Coalition, which represents physicians, consumers, retailers, manufacturers, pharmacies, pharmacists, patients, pharmacy benefit managers, small businesses, and employers in an effort to stop the unintended consequences resulting from the ACA restriction on OTCs.