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Health-E Commerce debunks Flexible Spending Account (FSA) myths in preparation for December 31 use-it-or-lose-it deadline


As confusion and uncertainty about FSA changes remains high, FSA Store is clearing up common misconceptions that may cause consumers to forfeit funds

NEW YORK, Sept. 26, 2022 /PRNewswire-PRWeb/ -- More than 30 million Americans are enrolled in flexible spending accounts (FSAs), but most are not aware of what their spending deadline is or how to use these tax-advantaged funds. As employers across the country are conducting open enrollment meetings for 2023 health benefits, now is the perfect time to educate individuals and families about FSAs and to debunk some common myths that may cause consumers to miss out on the tax advantages of enrolling in an FSA or ? worse yet ? lose their hard-earned healthcare dollars to a missed deadline.

Health-E Commerce, parent brand to FSAstore.com, the first and leading online marketplace that sells exclusively FSA-eligible products, is on a mission to educate account holders about these myths so they can use, not lose, their FSA funds before the December 31 deadline.

"Many consumers ? and even many employers ? do not realize that the COVID-inspired FSA extensions expire in December, which makes it critical this year for account holders to understand what their deadline is, how much they have remaining in their accounts, and if they have a rollover or grace period option," said Preston Farrington, CEO of Health-E Commerce. "By dispelling these myths and educating consumers about FSA rules, our team at Health-E Commerce is helping consumers get the most out of their tax-free healthcare dollars."

4 FSA myth busters to help consumers make smart money moves

Health-E Commerce data suggests that over $1 billion in FSA dollars could have been forfeited in prior years and is dedicated to helping to ensure that never happens again. To mitigate potential forfeitures, Health-E Commerce is urging FSA users to check with their account administrator to understand if their employer offered any of these extensions and, if so, how much money they have remaining in their FSA from the 2021 and 2022 plan years to get the full picture of what they must spend by December 31. To learn more, visit FSAstore.com, and take advantage of the FSA Learning Center.

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About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store, HSAStore and WellDeservedHealth, a family of online marketplaces that serve the 70+ million consumers enrolled in pre-tax health and wellness accounts. The company also created Caring Mill, a popular private-label line of health products that benefits Children's Health Fund and enables customers to make a donation with each purchase. Since 2010, the Health-E Commerce brands have led the direct-to-consumer e-commerce market for exclusively pre-tax health and wellness benefits. Health-E Commerce plays an essential role in expanding product eligibility for important new categories within the list of eligible medical expenses.

Media Contact

Barbara Tabor, Health-E Commerce, 651-230-9192, barbara@taborpr.com

 

SOURCE Health-E Commerce


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News published on 26 september 2022 at 14:30 and distributed by: