NU Online News Service, March 22, 2005, 3:38 p.m. EST
A health account card company says a new electronic data program should further reduce account holders’ need to save and submit receipts.[@@]
The card company, Evolution Benefits Inc., Avon, Conn., says it is getting electronic data from a major pharmacy chain to help holders of personal health accounts, such as flexible spending accounts and health savings accounts, show the Internal Revenue Service that they are spending account assets on over-the-counter drugs and other products that are eligible for account reimbursement.
Evolution started getting OTC matching data for purchases made at retail stores in November 2004, and the company will start getting comparable data for Web-based purchases of OTC drugs in a few weeks, Evolution says.