In the midst of a public health crisis, these accounts are financial lifelines for American families. With thousands of products now available for tax-free spending, account holders can get the maximum value from their benefits, while supporting their health and well-being year-round.
NEW YORK (PRWEB) May 27, 2020
Battling allergies, taming headaches, and dealing with other day-to-day health needs just got a whole lot easier to take care of from home, thanks to Health-E Commerce, parent brand of FSAstore.com, HSAstore.com and WellDeservedHealth.com. As a result of the recently passed Coronavirus (COVID-19) Relief and Economic Security (CARES) Act, FSA, HSA, and HRA users can now buy over-the-counter (OTC) medications such as aspirin or acetaminophen without a prescription. With thousands of new products now available for tax-free healthcare spending, Health-E Commerce this week launched its expanded selection of OTC medicines to help the tens of millions of Americans with tax-advantaged spending accounts get what they need quickly and easily.
This is the first time since 2011 that OTC medications have been eligible for purchase with an FSA or HSA without a prescription. Easing this restriction means people no longer have to schedule a doctor visit or pay unnecessary co-pays to receive a prescription to purchase OTC medicines with their FSA/HSA funds.
“Now more than ever, consumers need the freedom and flexibility to use their tax-free healthcare dollars,” said Jeremy Miller, founder and CEO of Health-E Commerce. “FSA and HSA eligibility of over-the-counter medications has long been one of the most common requests we receive from consumers, and we have worked diligently to curate a wide selection of high-value medicines to help people during this unprecedented time.”
This expanded product selection is now available on FSAstore.com, HSAstore.com, and WellDeservedHealth.com. In the coming weeks, Health-E Commerce will launch another new product category made possible by the CARES Act: menstrual care products. These include feminine care products like tampons, pads, and sponges, which are eligible for the first time ever.
This expansion of product eligibility has also been well-received by the millions of Americans who use tax-advantaged healthcare accounts. According to a May 2020 survey of 1,300 FSAstore.com users, 86% of respondents would recommend an FSA to a family member or friend in light of the CARES Act changes, while 61% said they would increase their next plan year’s contribution to be able to purchase more qualifying products.
“The CARES Act has made tax-advantaged healthcare accounts more flexible than ever,” said Miller. “In the midst of a public health crisis, these accounts are financial lifelines for American families. With thousands of products now available for tax-free spending, account holders can get the maximum value from their benefits, while supporting their health and well-being year-round.”
FSAstore.com is flex spending with zero guesswork. It’s both the largest e-commerce destination for guaranteed FSA-eligible products and an educational resource that you can actually understand. It’s the company's mission to help millions of FSA holders manage and use their accounts and save on more than 4,500 health items using tax-free funds.
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 60+ 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.