FSA Store Adds Deadline Tool to Help Consumers Use FSA Funds

FSA Store has launched a tool to help consumers use Flexible Spending Account (FSA) funds and ensure they don’t lose them on time.

The new FSA deadline tool serves the 70% of FSA users whose use-it-or-lose-it deadline is Dec. 31, the company said in a statement Monday (Dec. 2). Press release.

“Our new deadline tool allows individuals and families to find a customized solution for their remaining FSA funds or budget, so they can get more value from their tax-free benefits.” Rachel RouleauChief Compliance Officer of the parent brand FSA Store Healthcare e-commercesays the press release.

The main reason people lose unused funds at the time of the deadline is because they Don’t understand it What is eligible, Rouleau said.

To address this challenge, the FSA Store has added the Deadline tool to its online store dedicated to selling FSA-eligible products and services, the release said.

The tool allows users to enter their FSA budget, select the product types they are interested in for their personal health needs, and receive a list of eligible items that are within their budget, the release said.

It adjusts the remaining available budget as the user adds items to the cart to ensure they don’t spend more than the specified amount, the press release said.

Consumers lose $4 billion every year when the Use it or lose it Feature of FSAs Kicks in and the money disappears from it her FSA Accounts, banyan president Alpesh Chokshi said PYMNTS CEO Karen Webster in an interview published in September.

There’s a rush as patients figure out what’s eligible and decide how to use their resources, Chokshi said.

Banyan’s platform and reception data support a Cooperation between loyalty program Bilt Rewards And Walgreens Designed to eliminate the friction and waste associated with FSAs and Health Savings Accounts (HSAs).

Another company that wants to help individuals use their services HSAs or FSAs, Truemedlaunched in September 2023. Truemed ​​works with health and wellness brands and integrates their payment systems to make it easier for consumers to use their HSA/FSA funds To to unlock the estimated $140 billion in these accounts.