FSAstore.com encourages consumers to use Flexible Spending Accounts (FSAs)
It’s Open Enrollment Season:
FSAstore.com Encourages Consumers to use Flexible Spending Accounts (FSAs)Set Aside up to $2,500
Pre-Tax for Out-of-Pocket Health Care Expenses
NEW YORK, (August 2014) –FSAstore.com, the only e-commerce site stocked
exclusively withFlexible Spending Account (FSA) eligible products,
reminds consumers to consider an FSA this open enrollment season to help reduce
their taxable income. FSAs let employees set aside tax-free money for
out-of-pocket healthcare costs, including over-the-counter products, dental and
eye care, and medical services. FSAs also include Limited FSAs and Dependent
In addition, a new change makes FSAs
a bit more flexible for employees and eases potential forfeiture concerns. Last
year, the U.S. Treasury Department modified the “Use it or Lose it” rule,
giving employers an option to offer a carryover of up to $500 in funds.
“Open enrollment season is the
perfect time for individuals or families to consider benefit options. FSAs not
only offer sizeable tax-free savings on out-of-pocket expenses, but also empower
consumers to maximize their healthcare dollars,” said Jeremy Miller,
FSAstore.com CEO and Founder. “Consumers can shop for everyday products at
FSAstore.com including first aid kits, breast pumps, and heats wraps, and save
with product bundles geared toward pain relief, travel and back to school.”
Enrollment Advice for Consumers
an FSA before Open Enrollment Starts. According to a recent research
study commissioned by Alegeus
Technologies, only 50% of FSA account holders
understand the benefits of their plan. Now is the time to ask FSA benefit
administrators and your HR representative about coverage and the savings
potential that these plans offer.
eligible expenses. Review medical services and over-the-counter
products covered by your specific plan. Earlier this year, FSAstore.com
introduced an all-encompassing Eligibility List which has more than 800 product
categories that you can use to search for eligible expenses (for Flexible
Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements).
contribution limits. If you contribute the maximum of
$2,500 to your FSA, you can effectively save up to 40% on eligible expenses. If
you and your spouse have access to separate FSA accounts, you could each set
aside up to $2,500.
in about qualifying events. Ask if you can change your FSA
contribution outside of open enrollment if you have experienced a “qualifying
event” (for example, a baby, marriage, or employment change).
healthcare spending. You can use an FSA for yourself and
your dependents, including children through the age of 26 (whether tax
dependent or not). Use an FSA
Calculator to estimate expenses for dental
check-ups and eye exams, as well as costs for eligible medical products.
For more than four
years, FSAstore.com has been the only e-commerce site exclusively stocked with
FSA eligible products - eliminating the guesswork behind what is reimbursable
by an FSA. Consumers with Flexible Spending Accounts can access thousands of
high qualityFSA eligible products, in addition to FSA eligible services and much-needed
information through the FSA Learning Center. FSAstore.com accepts all FSA and
major credit cards, offers 24/7 customer service, one-to-two-day turnaround for
all orders, and free shipping on orders $50+.