The December 31 use-it-or-lose-it FSA deadline is drawing near and FSA Store is educating consumers about ways to spend tax-free funds to protect individuals and families from viruses, flu, and Covid-19
DALLAS (October 16, 2024) – According to recent data, Americans should prepare for an increase in respiratory illnesses this fall. Fortunately, people who are enrolled in flexible spending accounts (FSA) can spend remaining 2024 funds on a wide variety of products and services that will protect themselves and their dependents from the spread of viruses and help treat symptoms. At the same time, spending down FSA funds before December 31 can help consumers avoid forfeiting unused funds to this use-it-or-lose-it deadline. To help consumers protect their health and their healthcare dollars, FSA Store®, the first and leading online store dedicated exclusively to selling FSA-eligible products and telehealth services, is sharing seven ways to use tax-free funds during cold and flu season.
“FSAs are an exceptional tool for saving money and protecting your health, and now is the time of year when consumers need to do both. However, low understanding of FSA eligibility and deadline rules can get in the way,” said Keri Kaiser, chief revenue officer for Health-E Commerce, parent brand to FSA Store and HSA Store. “That’s why we’re educating individuals and families about easy, high-value ways to spend down remaining FSA funds on virus-preparedness and treatments.”
According to FSA Store, these tax-free funds can be used to pay for the following eligible expenses – and much more – to combat viruses like Covid-19, influenza, the common cold, and more:
Thermometers: Make temperature testing quick and easy with non-contact and ear and forehead digital thermometers. Infant versions are also available.
Steam Inhalers: A tried-and-true approach to alleviating congestion and mucus buildup, portable and cordless steam inhalers, as well as shower-activated steam tablets can be purchased with FSA funds.
Face Masks: Proven to be effective in reducing the spread of germs and viral conditions, FSA Store offers disposable N95 and Pediatric Masks that are guaranteed eligible with tax-free funds.
Over-the-Counter (OTC) Medicines: OTC medications can help treat symptoms like cough, chest tightness, pain and fever, nasal congestion, lack of sleep, nasal congestion, sinus pain, and more. In addition to these high-volume medications, FSA funds can also be used to purchase devices like the Aura Ease mask to relieve headache pain. For added convenience, FSA Store also offers a variety of bundles, like the Medicine Cabinet Bundle or the Cold and Flu Bundle that allow shoppers to quickly and easily purchase related products in a single purchase.
Hand Sanitizers: Bacteria and viruses can be prevented with hand sanitizers and alcohol wipes, in travel sizes for on-the-go use and holiday travel, or canisters for home use.
Emergency and Backup Medications: Staying healthy during cold and flu season also means being prepared with daily dose medications for existing or chronic conditions. FSA Store gives consumers easy access to use their FSA funds to purchase personalized medication kits and backup prescriptions through Jase Medical.
Diagnostic Supplies and Devices: Tracking key biometrics is an important part of fighting off viruses. Diagnostic products and devices like Covid testing kits, pulse oximeters, stethoscopes, and wearable health trackers can all be purchased with FSA funds.
“If you have an FSA, now is the perfect time to spend those funds on products and services that will keep your family healthy during the coming months,” said Kaiser. “We offer more than 2,500 guaranteed eligible products and telehealth services to help account holders spend their remaining funds in meaningful ways, along with industry leading education resources to help you maximize your account throughout the year.”
What is an FSA? An FSA is a tax-advantaged account that consumers can enroll in through their employer-sponsored benefits program. Employees and/or employers can contribute to the account through pre-tax payroll contributions. This reduces the employee’s taxable income and helps them pay for a wide range of expenses. FSA-eligible expenses are determined by the Internal Revenue Service.
What is the FSA deadline? All FSAs have a deadline by which funds must be spent each year. The majority of employers that offer an FSA have a December 31 deadline, which means that employees who are enrolled in the FSA may need to spend all funds by December 31 with a few exceptions. Unused funds will be forfeited. This December deadline is often referred to as the “use-it-or-lose-it deadline.”
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Cold and flu season is here once more, and people of all ages should take extra precautions to protect their health. What most people don’t know is that they can put their FSA and HSA funds to work to maintain good health in the weeks ahead. Read our news release to learn about healthcare items such as thermometers, OTC medications, face masks, and hand sanitizers that are all eligible with tax-free funds. And as an added bonus, virus preparedness products are a great way to spend remaining 2024 FSA funds to avoid a potential forfeiture to the December 31st deadline.
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About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store and HSA Store, online stores 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 through which a portion of every purchase is donated to the Children’s Health Fund. 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.