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

Care FSAs.

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.”

Open

Enrollment Advice for Consumers

·

Research

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.

·

Understand

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).

·

Know

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.

·

Check

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).

·

Estimate

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.

About

FSAstore.com

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+.

Top FSA Eligible Products