FSA Store, the first and leading online store dedicated exclusively to offering FSA-eligible products and services and providing consumer education and tools, reminds consumers to act now to avoid forfeiting an average of over $300 to a missed year-end deadline
DALLAS, Nov. 1, 2023 /PRNewswire-PRWeb/ -- Before the clock winds down on 2023, more than 35 million Americans may face another deadline: The December 31 flexible spending account (FSA) use-it-or-lose-it deadline. To help these individuals and families avoid losing unused FSA funds, and to provide smart spending inspiration, FSA Store® has revealed the top 10 ways that consumers are using their tax-free funds this year.
"It's estimated that every year, consumers forfeit nearly $1 billion in FSA funds to a missed spending deadline," said Rachel Rouleau, chief compliance officer for Health-E Commerce, a family of online stores that includes FSA Store and HSA Store. "Leaving money on the table is never ok, and in these times of continued high inflation, consumers need all the help they can get to save money and make their healthcare dollars work harder. We're helping to meet these needs with a guaranteed-eligible shopping experience, FSA deadline reminders, a searchable eligibility list, and timely deals throughout the deadline season."
Top 10 FSA Purchases of 2023
The list of qualified expenses for FSAs goes well beyond doctor visits and copays. To spend remaining FSA funds in meaningful ways, start by using the FSA Store's comprehensive, searchable FSA eligibility list, which includes both eligible product categories, as well as services. For additional product inspiration, consider the following list of top purchases made by FSA Store shoppers so far in 2023.
1. Caring Mill by Aura Revive Gun. This state-of-the-art heated pain relief device uses heat and percussion to target and heal pain points.
2. Caring Mill™ by Aura Ease Migraine and Eye Reliever with Compression and Heat. Target pressure points with oscillating pressure, heat, and rhythmic percussion massage. This device helps alleviate headaches and distress by melting tension and reducing eye strain.
3. 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.
4. Caring Mill™ by Aura Full Body Analysis Scale. The Aura Full Body Analysis Scale tracks important biometric measurements and connects to smartphones for easy access to personal health information.
5. 23andMe Health-only Service. This at–home saliva testing kit provides personalized genetic insights that can help you take more informed actions for your health.
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. 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.
8. Chirp Wheel+ 3-Pack. Help relieve back pain and support good posture and overall health. The Chirp Wheel+ bundle makes it easy to stretch and massage stiff back muscles, correcting posture and relieving pain.
9. Zyrtec Adult Allergy Relief Tablets. Environmental and seasonal allergies occur year 'round and can cause cold-like symptoms. Stay in front of symptoms with all-day relief from Zyrtec.
10. Elvie Double Electric Breast Pump. The Elvie Double Electric Breast Pump makes it possible to pump at home, at work, or on the go. Small and lightweight, the Elvie Pump is worn inside a standard nursing bra and with technology to eliminate noise.
Deadline Reminders. In addition to understanding how FSA funds can be used, consumers should understand and remember these deadline facts in the coming weeks:
- The December 31 use-it-or-lose-it deadline is the date by which, for many account holders, the FSA balance must be spent or remaining funds are lost. This is called a forfeiture.
- 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, benefits team, or FSA administrator to confirm availability.
- To help account holders avoid potential FSA forfeitures, FSA Store offers free FSA Deadline Alerts that remind consumers when their personal deadline is approaching so they can avoid a forfeiture.
For additional information, deadline support, and money-saving deals, visit the FSA Store.
About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store, HSA Store and WellDeservedHealth, a family of 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 that benefits Children's Health Fund and enables customers to make a donation with each purchase. 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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