FSAstore.com, the only ecommerce site exclusively stocked with Flexible Spending Account (FSA) eligible products and services, reminds consumers that have FSAs to check and use their balances before the December 31st spending deadline. Many (but not all) FSAs have this yearly deadline on December 31st. Also, some employers offer a grace period – an extension of FSA coverage for participants to spend down FSA funds – of up to two and a half months. Consumers can shop for a wide range of health products using pre-tax dollars available in employer-based FSA programs.
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.