FSA Store data shows nearly 70% of account holders have a December 31 deadline, while industry data estimates FSA users collectively forfeit $3 billion in unused funds each year
DALLAS, Nov. 4, 2024 /PRNewswire-PRWeb/ -- More than 35 million Americans are enrolled in flexible spending accounts (FSAs) to protect their health and finances, and roughly half of these individuals will forfeit funds because they did not spend down their account balance by the December 31st use-it-or-lose-it deadline. FSA Store®, the first and leading online store dedicated exclusively to selling FSA-eligible products and services, is working to change this trend by educating consumers about the FSA deadline and sharing its annual list of Top 10 FSA purchases and FSA deadline reminders.
The December 31 use-it-or-lose-it deadline is the date by which the majority of FSA users must spend remaining funds to avoid forfeiture (the loss of unused funds). Proprietary data from FSA Store indicates that nearly 70% of account holders have a December 31 deadline. Meanwhile, industry estimates show that FSA users forfeit an average of $3 billion each year by missing this deadline.
"As consumers continue to grapple with financial stress and recession fears, tools like FSAs can play a critical role in protecting their health and financial wellbeing, and when it comes to FSAs, that means avoiding forfeiture," said Rachel Rouleau, chief compliance officer for Health-E Commerce®, the parent brand to FSA Store. "At FSA Store, all we sell is FSA-eligible products and telehealth services, so there's never any guesswork. Plus, our searchable eligibility list and FSA deadline spending tools provide the education and inspiration consumers need to spend their funds in meaningful ways."
To help account holders achieve this goal, FSA Store offers a Deadline Spending Guide and interactive deadline spending tool, a searchable eligibility list, product bundles, the ability to shop by price to align with their remaining funds, and much more. Consumers are encouraged to consider FSA Store's list of most frequently purchased products so far this year.
Popular 2024 FSA Purchases
1. Wave Full Body Circulation Plate — Caring Mill™ by Aura. Featuring a combination of customizable vibration settings and an ergonomic design. This device enhances lymphatic drainage and alleviates joint and back pain with ease.
2. Full Body Analysis Scale — Caring Mill™ by Aura Keep track of essential body measurements like BMI, bone mass, basal metabolic rate and more. This scale was engineered with precision in mind to deliver accurate results fast and can be connected to most smartphones.
3. Ease Migraine and Eye Reliever with Compression and Heat — Caring Mill™ by Aura. Built to directly target pressure points, find relief from headaches, eye pain and tension, with intelligent heat technology.
4. Revive Heated Massage Gun — Caring Mill™ by Aura. This state-of-the-art pain relief device utilizes heat precision to directly bring relief to deep pressure points in muscle tissue.
5. reVive Light Therapy Lux Collection dpl® IIa Skin Treatment Panel. Experience medical grade LED therapy and skin treatment. This panel uses blue light technology to destroy skin bacteria with additional infrared support for quick healing and recovery.
6. Caring Mill™ by Aura Sleek Callus, Corn and Ingrown Toe Nail Remover. Treat Ingrown toenails, calluses, and corns and achieve flawless results in the comfort of your own home.
7. Revive Ultra Massage Gun from Caring Mill™ by Aura. This advanced handheld device is designed to provide a rejuvenating experience, with adjustable intensity levels and interchangeable heads. Customizable for individual experiences to target specific muscle groups and alleviate tension.
8. Supergoop! Unseen Sunscreen. Broad spectrum sun protection products with an SPF of 15 or more are FSA eligible. This includes hot brands like Supergoop!, so be prepared for sunny winter days, that warm weather vacation or a day on the slopes.
9. Sharper Image® Calming Heat XXL-Wide Massaging Weighted Heating Pad. Treat muscle aches and pain with soothing heat therapy of a heating pad, plus the added benefit of a weighted blanket.
10. Zyrtec Indoor & Outdoor Allergy Relief Tablets. Get 24-hour relief from indoor and outdoor allergies caused by dust, mold, pollen and more.
Deadline Reminders. In addition to understanding how FSA funds can be used, consumers should understand and remember these deadline facts in the coming weeks:
- While December 31 is the most common spending deadline for FSAs, this deadline can vary based on an organization's plan year. Account holders should log in to their FSA portal, if available, to verify their deadline, or check with their employer or FSA administrator.
- An employer may offer an FSA deadline extension, such as a partial rollover of unused funds; a grace period (2.5 months after your plan year end date; typically March 15); and/or a run-out period. These extensions are completely optional. Check on your FSA portal or with your employer, your benefits team, or FSA administrator to confirm availability of these options.
To help account holders avoid potential FSA forfeitures, FSA Store offers FSA deadline education, eligibility information, and 24/7/365 FSA-trained customer service support.
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://fsastore.com
SOURCE FSA Store
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