NEW YORK, Sept. 14, 2020 /PRNewswire-PRWeb/ -- The annual health benefits open enrollment season is almost here and millions of Amercians will be making pivotal plan elections that determine their health care coverage and spending for the coming year. And because of the continuing COVID-19 pandemic, flexible spending accounts (FSAs) and health savings accounts (HSAs) are taking on greater importance for working professionals and their families, as people across the country struggle to protect their health amid financial hardships. To help these people make the best enrollment choices for their families, FSAstore.com and HSAstore.com, the leading online retailers of exclusively FSA- and HSA-eligible products and account education is offering tips and tools that illustrate the advantages of spending accounts, as well as recent legislative changes that give consumers more spending power.
"The passage of the CARES Act and other recent guidance from the IRS has made it easier for consumers to protect their health with an FSA or HSA," said Jeremy Miller, founder and CEO of Health-E Commerce. "However, with so many recent changes being announced, it's difficult for consumers to keep track and to fully understand the impact. Our new tools and resources will help guide participants toward the best benefits decisions for their health needs and their financial bottom line."
Health-E Commerce, the parent brand of FSAstore.com, HSAstore.com and WellDeservedHealth.com, offers the following tools and tips for third-party administrators and employers who offer these plans to their workers, as well as to individuals who are enrolled in FSAs and HSAs.
1. Understand newly eligible product categories
With the passage of the CARES Act in March 2020, two new product categories became eligible for reimbursement with an FSA or HSA: over-the-counter (OTC) medicines and menstrual care products. This made it possible for account holders to buy pain relievers, allergy medications, skin care treatments, and much more without a prescription. In addition, for the first time ever, account holders can purchase tampons, pads, menstrual cups, period underwear, and liners with their FSA, helping people save thousands of dollars each year on these essential health products.
2. Stay educated on plan changes
Earlier this year, the IRS made the unprecedented decision in the midst of the pandemic to allow account holders to change, disenroll or enroll in FSAs, if employers opened up this special enrollment period to employees. Although this was a one-time option driven by COVID-19, this is a clear example of why year-round account education is essential, and why employers and employees need to be flexible and prepared at any point in the calendar year to maximize their benefits.
3. See which plan fits best with the Health-E Commerce Digital Open Enrollment Tool
Health-E Commerce is rolling out a new digital open enrollment tool this fall to help prospective account holders assess their medical and well-being needs and to determine which spending account type may be the best match for their financial bottom line. Give it a spin in the FSAstore.com or HSAstore.com Learning Center today.
With so many new products now eligible for FSA/HSA spending, these accounts have never been more versatile and influential for the financial wellness of American families. As open enrollment season kicks off, Health-E Commerce encourages employees to use tools and resources such as an FSA Calculator to plan contributions, an HSA Future Balance Calculator to explore the long-term savings potential of HSAs, and the web's most comprehensive Eligibility List to help consumers spend account dollars wisely.
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About Health-E Commerce
Health-E Commerce is the parent brand of FSAstore.com, HSAstore.com, and WellDeservedHealth.com, a family of brands serving the 70+ million consumers with tax-free health and wellness accounts. Since 2010, Health-E Commerce's brand portfolio has led the direct-to-consumer e-commerce market for tax-free health and wellness benefits and helped partners and everyday Americans benefit better through its 100% eligible product selection and easy-to-understand educational resources. Health-E Commerce plays an essential role in consumer advocacy in the tax-free health space through both advocating for eligibility of important new categories within the IRS-approved list of eligible medical expenses and leading a committee of industry experts to promote the important national conversation around product safety and authenticity.
SOURCE FSAstore.com
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