Expanded eligibility and product selection give FSA/HSA users more options than ever to save money and support year-round wellness
NEW YORK (PRWEB) MARCH 30, 2020
The passage of the $2 trillion+ coronavirus (COVID-19) relief bill included significant steps forward in helping consumers protect the health and well-being of their families by reducing unnecessary trips to the doctor during this time of increased demand and creating even more value for the millions of Americans with Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs).
There are two major changes that are revolutionary for FSA/HSA users and will dramatically improve their ability to use these accounts to support year-round wellness:
Prescriptions will no longer be required to buy over-the-counter (OTC) medicine (i.e. Tylenol, Claritin, etc.) with an FSA or HSA
FSA and HSA funds can now be used to purchase tampons, pads, and other menstrual care products
As people across the country are focused on sheltering in place to protect themselves, their families, and the broader community from the spread of COVID-19, the reality of having to visit a doctor for everyday care, much less to obtain a prescription for OTC medications, is unlikely. Unfortunately, that had been the reality for consumers enrolled in FSAs and HSAs if they wanted to be reimbursed from their spending accounts for things like OTC pain relief and other products to treat cold and flu.
Health-E Commerce, the parent brand to FSAstore.com, HSAstore.com and WellDeservedHealth.com which exclusively sell products eligible with FSAs, HSAs and corporate wellness dollars, applauds the legislation for addressing these critical issues.
“The OTC Rx requirement has been an inconvenience for FSA/HSA users for a decade, and we applaud the effort to repeal this regulation and give account holders more options to treat medical issues as they arise without putting more stress on our care delivery system at this critical time,” said Jeremy Miller, founder and CEO of Health-E Commerce. “In addition, the inclusion of menstrual care products as qualified expenses will help correct the gender imbalance in healthcare reimbursement by reclassifying menstrual care products as what we all know they are — essential health products that should be open to tax-free healthcare spending.”
With this new change, the Health-E Commerce family of brands is excited to expand its product offerings in the near future to encompass a wide range of new over-the-counter medicines, as well as carrying menstrual care products for the first time.
About FSAstore.com 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.