FSAstore.com reminds consumers: March 15th Grace Period deadline approaching
FSAstore.com Reminds Consumers: March 15th Grace Period Deadline Approaching; Use Your 2013 Flexible Spending Account Dollars
Estimates Show FSA Holders Lose an Average $168/year in Unused FSA Funds
NEW YORK, Jan. 13, 2014 /PRNewswire/ -- FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products and services, is reminding more than 30 million Americans covered by an FSA that they may have a Grace Period to use their remaining 2013 FSA funds. Many employer-sponsored FSAs have this Grace Period, which gives FSA holders a two-and-a-half month extension to use funds through March 15, 2014.
Employer-sponsored FSAs let consumers pay for qualified medical expenses including health care products, dental and eye care, and health care services. Funds in a pre-tax FSA are forfeited if unspent by the end of the plan period. Millions of Americans lose an average $168 per year by not depleting their FSA funds in time, according to Hewitt Associates.
"With thousands of eligible, everyday products available year-round and tools and information to help customers to better understand and use their funds, FSAstore.com encourages smart FSA spending habits so that our customers are not left with sizable balances at deadline time," said Jeremy Miller, FSAstore.com Founder and President. "The March 15th grace period is the last chance for many FSA holders to use remaining 2013 funds, and we encourage them to do so and avoid forfeiture."
Due to recent changes by the U.S. Treasury Department to the longstanding FSA "Use it or Lose it" provision, employers may now offer a carryover up to $500 in funds or a two-and-a-half month grace period for FSA holders to use unspent funds. FSA plans cannot have both options, so it is speculated the Grace Period may be replaced by the new carryover for many companies. FSAstore.com encourages consumers to check with their FSA administrators to see which option applies to their account.
For the last 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 quality FSA 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+. There is no need to submit receipts for products purchased with an FSA or HSA card.