Passage of the CARES Act makes tampons, pads, and related menstrual care products fully eligible for millions of consumers enrolled in tax-free healthcare spending
NEW YORK (PRWEB) JULY 14, 2020
More than 70 million Americans who use flexible spending accounts (FSAs), health savings accounts (HSAs), and corporate wellness dollars received welcome news earlier this year when the passage of the CARES Act made both over-the-counter (OTC) medicines and feminine care products fully eligible for purchase with tax-free funds. To make it easy for consumers to use their spending account dollars on the newly eligible items, Health-E Commerce, the parent brand of FSAstore.com, HSAstore.com, and WellDeservedHealth.com, announced today the launch of its feminine care product selection.
According to Jeremy Miller, founder and CEO of Health-E Commerce, feminine care products have long been one of the most asked about products among users of the Health-E Commerce family of retail sites. However, for a product to be considered a qualified health expense available for purchase with tax-free funds, it has to satisfy IRS requirements. Menstrual care products were previously considered only for general health and therefore not eligible for purchase with spending account funds. The passage of the CARES Act opened up this product category to tax-free spending after a concerted advocacy effort by many to change the categorization, recognizing these products as eligible medical expenses that are essential for women's health.
It’s estimated that women spend an average of $144 or more out of pocket each year just on feminine care products (Dollars & Sense), and this new eligibility expansion will allow them to factor this cost into their yearly tax-advantaged account contributions.
The Health-E Commerce family of brands now offers a full line of menstrual care products like tampons, cups, pads, panty liners and period underwear from popular brands including:
U by Kotex
“The CARES Act corrected a great inequity in product eligibility. We have always realized that feminine care products are health essentials for women, and as such, should fall under the IRS’s requirements,” said Miller. “This change has the potential to help women save on feminine care essentials by allowing them to use tax-free funds as opposed to paying out-of-pocket. Changes in the CARES Act have made tax-free healthcare more versatile than ever, and we encourage Americans to give these accounts a closer look during open enrollment this year.”
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 nearly 5,000 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 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 commitment to stocking the largest selection of qualified medical products 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.