FSA Store shares tips to help the 37% of FSA users with a March 15 grace period deadline avoid forfeiting unused funds to a missed deadline
DALLAS, Feb. 26, 2024 /PRNewswire-PRWeb/ -- March 15 is an important day for over 30 million Americans who are enrolled in a flexible spending account (FSA), as it is the most common grace period deadline for FSA users. For the 37% of FSA users who have the optional grace period deadline along with a 2023 plan year deadline that ended on December 31, 2023, March 15, 2024 may be the last day to spend down their remaining FSA funds to avoid forfeiture. FSA Store®, the first and leading online store to exclusively sell FSA-eligible products, is sharing these tips about the upcoming March 15 grace period deadline to help consumers use, not lose, their FSA funds.
FSA Store, which is part of the Health-E Commerce® family of brands, offers the following five surprising ways to spend remaining 2023 FSA funds on items that consumers already are purchasing every day.
- Skincare and sun protection: Skincare and sun protection are a top priority for consumers of all ages. By using tax-free funds on these staples, individuals can save all year long. Popular sunscreens, acne solutions and other skincare products from brands like CeraVe, La Roche Posay, and Supergoop! are all FSA eligible.
- Menstrual products: Throughout their lifetime, the average menstruating person will use approximately 17,000 tampons or pads. What most people don't know is that FSA funds can be used to purchase these products. Popular menstrual product brands that are FSA eligible include Saalt Menstrual Cup, Thinx, and Always.
- High-tech health devices: Some of the most sought after high-tech health devices are FSA eligible. Using tax-free funds to purchase products that monitor chronic conditions, everyday wellness, and more is smart for your wallet and your health. Check out brands like Oura Ring, Revive Heated Massage Gun, WUSH Powered Ear Cleaner and more on FSA Store.
- Parenting and infant health products: FSAs can alleviate some of the financial stress that comes with bringing a newborn into the world. New parents can use their tax-free FSA funds to purchase products they will use every day, such as Nanit Products, Owlet, Baby Skin Care, and even the Nonagon Telehealth Device.
- Virtual health services: Virtual care or telemedicine can be a convenient and cost effective way for FSA users to save money with their tax-free FSA funds. Thanks to partnerships with brands like BetterHelp, Lofta, and Byte, FSA users can easily access virtual care while shopping at FSA Store.
What is the FSA grace period? A grace period is an optional deadline that an employer can choose to elect if their organization offers an FSA as part of their benefit plan. Consumers should check with their FSA administrator or HR department to confirm if they have a remaining prior year plan balance and if their employer offers a grace period extension. According to a survey by VISA, 37% of FSA users have a grace period deadline, which means they have an extra opportunity to spend remaining FSA dollars.
What is an eligible FSA expense? FSA eligibility rules are determined by the Internal Revenue Service (IRS) and Internal Revenue Code section 213(d). FSAs can be used for a wide variety of clinical services, including preventive exams, doctor visits, surgical procedures, dental care, vision care, and more. In addition, there are many surprisingly eligible ways to use these tax-free funds throughout the year.
Explore the searchable eligibility list at FSA Store and spend applicable FSA funds before March 15, or learn more about the FSA grace period in our Learning Center.
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.
Media Contact
Barbara Tabor, FSA Store, 651-230-9192, [email protected], https://www.fsastore.com
SOURCE FSA Store
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