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At first glance, vitamins and other dietary supplements seem like qualified medical expenses for health savings account (HSA) and flexible spending account (FSA) holders. They are designed to fill "gaps" in the average diet, offsetting nutritional deficiencies along the way — yes, even those deficiencies that can lead to larger health problems.
However, the IRS defines qualified medical expenses within the IRS Section 213(d) as “amounts paid for the diagnosis, cure, mitigation or treatment of a disease, and for treatments affecting any structure or function of the body.” The IRS has further specified that these expenses must be primarily to alleviate a physical or mental defect or illness.
So why are HSA users coming up empty when searching for HSA eligible vitamins and supplements? Learn which vitamins and supplements are HSA eligible. //
Currently, the only way to use a consumer-directed healthcare account to pay for most vitamins and supplements is if a specific vitamin or supplement is recommended by a medical professional to treat or mitigate a medical condition with a letter of medical necessity.
But sales are shrinking and with them, revenues. I'd add that the tax revenues were maybe not what some boosters told us they'd be. "Colorado collected just over $274.1 million in commercial marijuana taxes and licensing fees in 2023," Denver's Westworld reported in March, "and has tallied a little more than $43.5 through the first two months of 2024."
For a state that spent $38.5 billion last year, $274.1 million in taxes — shared in part with local governments — doesn't amount to much. It seems like a long time ago when the hippies were saying, "Just legalize it, man, and we'll close the deficit!" But to be fair, the hippies were probably stoned out of their minds when they came up with that.
More people have reported severe poisonings in an ongoing outbreak marked by people seizing and needing to be intubated after consuming microdose candies made by Diamond Shruumz, the Food and Drug Administration reported Tuesday.