Consumers forfeit an estimated $500 million in unused account funds to the December 31 use-it-or-lose-it deadline every year; FSAstore experts predict this year's forfeitures could exceed this amount
NEW YORK, Dec. 6, 2021 /PRNewswire-PRWeb/ -- The end of the year is a scramble, and it's particularly stressful this year for the millions of Americans enrolled in flexible spending accounts (FSAs) who need to spend down account funds by December 31 or risk forfeiting those dollars back to their employers. That's why FSAstore.com, the first and leading online marketplace dedicated exclusively to simplifying the process of using an FSA, is issuing deadline reminders and spending tips to ease the confusion about FSA changes and to help account holders avoid sacrificing an estimated $500 million in unused account funds to the December 31 use-it-or-lose-it deadline.
"Confusion about FSA deadlines and rollover limits is at an all-time high, which means that consumers are at risk of forfeiting more of their unused FSA dollars than ever," said Preston Farrington, CEO, Health-E Commerce. "We're urging all FSA holders to check their deadline and remaining balance today, and take steps to spend down those funds on eligible products, like what we sell at FSAstore.com, before those dollars are gone for good."
In a survey of 3,600 shoppers to FSAstore.com in September and October, 50% of consumers indicated that they are not confident that they understand recent FSA deadline and rollover changes, and 75% have not been notified of their deadline or they don't recall being notified. More importantly, 37% said they have a higher balance this year than they did last year, which means they have more at risk to lose.
To mitigate FSA forfeitures and help the estimated more than 35 million people enrolled in these tax-advantaged accounts use, not lose, their remaining dollars, FSAstore.com has released the following list of most common products — along with a few unexpected items — that account holders purchase during the December 31 deadline period.
Top 5 most common deadline purchases
Neosporin Plus Pain Relief, Maximum Strength Antibiotic Ointment, 1 oz
Band-Aid Flexible Fabric Adhesive Bandages, Assorted Sizes, 100 ct.
Biofreeze® Pain Relieving Roll-On, Green, 2.5 oz
Tylenol Extra Strength Rapid Release Gels, 100 ct
Adventure First Aid Family Kit
Top 5 surprisingly eligible deadline purchases
Aura Revive Deep Muscle and Joint Pain Relieving Massage Gun with Heat Therapy
Supergoop! Unseen Sunscreen, SPF 40, 1.7 fl oz
Neutrogena Pink Grapefruit Oil-Free Cleansing Wipes - 25 ct
Oxy Total Care Vitamin C Serum, 1.25 oz
dpl® Oral Care Light Therapy System
Use the "2021 FSA Deadline Spending Guide" for hassle-free deadline shopping
FSAstore.com, which is part of the Health-E Commerce family of brands, sells only products that have been deemed eligible for FSA reimbursement, and offers hands-on tools — such as calculators and its new Deadline Alerts feature — to help individuals and families manage their health and their healthcare dollars. The "2021 FSA Deadline Spending Guide" makes deadline shopping easy for account holders. The guide features the best bundles, COVID-19 safety products, and anything else you need to meet your everyday health needs. FSAstore.com has account holders covered this 12/31 deadline with:
The largest exclusive selection of 100% guaranteed FSA-eligible products
24/7 access to trusted FSA experts via phone, email, or online chat
The ability to use FSA debit card and skip the paper claims
Fast and free shipping on orders over $50
Accepts all deadline orders until midnight on December 31
FSAstore.com is flex spending with zero guesswork. It's both the largest online marketplace for exclusively 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 4,000 health items using tax-free funds.
About Health-E Commerce
Health-E Commerce is the parent company of FSAstore.com, HSAstore.com and WellDeserved, a family of brands that serve the 60+ 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 sunscreen and breast pumps. The company leads a committee of industry experts to promote the important national conversation around product safety and authenticity.
Barbara Tabor, tabor PR, 6512309192, email@example.com