Health-E Commerce announces three things all consumers should know when electing health benefits for 2022

NEW YORK, Sept. 28, 2021 /PRNewswire-PRWeb/ -- As open enrollment season takes off amidst an ongoing COVID-19 pandemic, people are sure to have questions about how they can maximize employer-sponsored benefits to save money and help protect their well-being. Health-E Commerce, parent brand of industry-leading online marketplaces FSAstore.com and HSAstore.com, is highlighting three important recent changes that consumers should be aware of as they make decisions about enrolling in flexible spending accounts (FSAs) and health savings accounts (HSAs) for the coming year.

FSAstore.com and HSAstore.com offer the more than 70 million American consumers who are enrolled in FSAs and HSAs a 100%-eligible, guaranteed shopping experience that eliminates the guesswork from spending tax-advantaged healthcare dollars. The Health-E Commerce sites also feature comprehensive lists of eligible products and services, an extensive library of helpful articles and blogs about how FSAs and HSAs work and how to manage and use those funds, as well as account planning and management tools and calculators.

To take some of the uncertainty out of open enrollment, Health-E Commerce also created an interactive Open Enrollment Guide to help account holders determine how much they may be able to save by setting aside pre-tax healthcare dollars and common eligible expenses they may not be aware of. While visiting FSAstore.com, consumers can also enter to win the Race to Good Health Sweepstakes for a chance to win a Peloton bike, accessories, and one-year membership.

Based on questions that Health-E Commerce receives from account holders who shop their sites, following are the top three changes to be aware of while making benefits decisions this fall.

1.    Your FSA spending deadline may have changed.
The COVID-19 pandemic prompted swift changes by Congress that affected FSA deadlines and contribution rules. The Consolidated Appropriations Act of 2021 gave employers the choice to change or temporarily eliminate the FSA spending deadline for their benefits plan. Employers were also given the option to allow employees to roll over their entire unused account balance to the upcoming plan year. Because FSAs are an employer-owned and sponsored account, each company can have different deadlines and set rules that meet their needs. Consumers should understand any changes to their company deadlines and rollover policy to avoid forfeiting unused FSA funds this year, and to understand what changes their employer may choose to carry over into 2022.

2.    Eligibility has changed — a lot.
With thousands of options, FSA and HSA users can save on a wide variety of services and products, from copays to breast pumps, contacts, COVID-19 masks, over-the-counter medications, tampons, and much more. Some of these high-demand products were made eligible for the first time because of the pandemic and concerted efforts by companies like Health-E Commerce to expand eligibility rules. More specifically, the Coronavirus (COVID-19) Relief and Economic Security (CARES) Act made feminine care and over-the-counter medications eligible, while IRS announcement 2021-7 made personal protective equipment (PPE) like masks and hand sanitizer eligible. The Health-E Commerce Eligibility List is a comprehensive list of FSA and HSA eligible items and a go-to resource during open enrollment.

3.    Enrolling in an FSA or HSA reduces taxable income and helps you save throughout the year.
A common (and recurring) question that shoppers ask of Health-E Commerce is, "Why should I enroll in an FSA or HSA?" FSAs and HSAs offer immediate benefits by letting users set aside pre-tax income for spending on eligible healthcare needs. For FSAs, one of the biggest benefits is that the full annual election is available to the account holder on the first day of the plan year, while HSA benefits include a triple tax benefit of allowing users to contribute pre-tax income, allowing that income to grow tax-free, and allowing tax-free spending on eligible expenses. Consumers need to find the account type that's right for them and carefully determine how much to contribute. This Health-E Commerce Learning Center article provides a comprehensive review of the difference between an FSA and HSA, how these accounts help reduce taxes and save on healthcare throughout the year, the savings potential, and how easy it is to use your account(s) for daily healthcare needs.

"Open enrollment is a pivotal time to evaluate benefit options and decide how to best invest in your health and wellness," said Rida Wong, president of Health-E Commerce. "Health-E Commerce was built on the mission of simplifying this process for FSA and HSA consumers. This year, in particular, we anticipate consumers will need extra support to reduce the confusion around the many temporary changes that were introduced since COVID hit and to make informed decisions about their benefits in the coming year."

To learn more or view additional employee tools and educational content, visit FSA Store, HSA Store, or Health-E Commerce.

About Health-E Commerce
Health-E Commerce is the parent company of FSA Store, HSA Store and WellDeserved, a family of brands that serve the 70+ million consumers with pre-tax health and wellness accounts. The company has also created Caring Mill, a popular private-label line of health products that benefits Children's Health Fund and enables customers to make a donation with each purchase. Since 2010, the company's brands have led the direct-to-consumer e-commerce market for pre-tax health and wellness benefits. Health-E Commerce plays an essential role in expanding product eligibility for important new categories within the IRS-approved list of eligible medical expenses like over-the-counter medications, feminine care products, sunscreen, and breast pumps.

Media Contact

Barbara Tabor, Tabor PR, 651-230-9192, [email protected]

SOURCE Health-E Commerce

Related Links

https://www.health-ecommerce.com/