NEW YORK, Dec. 19, 2013 /PRNewswire/ --FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products and services, reminds consumers with FSAs to check and use their balances before their plan year deadline. Because many FSAs have an annual Dec. 31 deadline, time to spend down FSA funds is running out. According to the FSAstore.com, more than 30 million Americans are covered by FSAs and rely on these plans to pay for qualified medical expenses, including health care products, dental and eye care, and out-of-pocket expenses for health care services.
FSA holders can shop for a wide range of products using pre-tax dollars available in FSAs including baby care, first aid, pain relief, and diagnostic equipment at FSAstore.com. However, each year FSA account holders risk forfeiting FSA dollars when they don't use these funds by a specific plan year deadline.
Tips for end-of-year FSA spending:
Consider over-the-counter products you could use throughout the year that are FSA-eligible ranging from contact lens care to baby care items to shoe inserts.
Schedule a dental checkup or an annual eye exam through our FSA Eligible Services.
Be heart healthy and purchase a blood pressure monitor.
Prepare an emergency first aid kit containing bandages, band-aids, gauze and more.
Gear up for warmer weather with FSA-eligible sunscreen.
Planning for or expecting a baby? You can find everything from breast pumps to prenatal vitamins at FSAStore.com.
"FSAstore.com is a convenient source that exclusively sells thousands of everyday health care products to serve FSA participants year-round," said Jeremy Miller, president and founder of FSAstore.com. "Our site also offers tools such as an FSA eligibility list, FSA Learning Center and an FSA deadline reminder to help consumers better understand and manage their account."
RecentU.S. Treasury Departmentregulatory changesto the expiration and forfeiture of dollars, called the "Use it or Lose it" rule,could increase overall FSA adoption by easing forfeiture concerns and making FSAs more attractive to consumers who realize the savingspotential for future health care needs. Because of this change, employers are nowallowedto offer account holders a carryoverof up to $500 inFSA funds to the next plan year, or a two-and-a-half month grace period to use unspent funds. However, FSA plans cannot have both options. FSAstore.com urges consumers to check with their FSA administrator to see if one of these options applies to their account.
FSAstore.com is the only one-stop-shop 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.