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.
Approximately 30 million consumers participate in employer-based FSA programs in the U.S., making it possible for account holders to pay for thousands of health care products and services using pre-tax income. If funds are not used by the end of the plan period, they are forfeited. FSAstore.com reports that consumers seeking to avoid losing funds can shop their online store for products in multiple categories including first aid, baby care, sun care, pain relief, diagnostic equipment, and more.
"Each year consumers lose hundreds of millions of dollars simply because they do not deplete all of the pre-tax funds available to them in their FSA," said Jeremy Miller, FSAstore.com founder and president. "But this year, more consumers than ever are realizing that they can use that money to buy many of the daily health products they need, and without a prescription. FSAstore.com strives to consistently offer hundreds of new products that are eligible for purchase using FSAs."
To make FSAs even easier, FSAstore.com has introduced several unique shopping features including a complete list of FSA eligible products, an FSA Calculator to estimate next year's health spending, and a redesigned website that makes it simpler to shop using an FSA or HSA.
"For last minute shopping, we are making it easy for consumers to use their FSA funds for the products they need. In addition, because our products are available all year long, consumers can make the purchases they need at any time, helping them to avoid having an excess of funds in their accounts at the end of each year," Miller added.
**Always check with your FSA administrator on what your specific plan expiration dates, limits, and terms are.