Nearly 70% of FSA users have a December 31 use-it-or-lose-it deadline, and the average account holder will forfeit $440 because they did not spend FSA funds before this deadline
DALLAS, Nov. 25, 2024 /PRNewswire-PRWeb/ — Smart technology has become ubiquitous in our personal and professional lives, and is increasingly being used to help manage, detect, and monitor health concerns. As a result, the self-care device market is currently valued at $25.9 billion and is expected to reach $45.9 billion by 2033. Consumers who are enrolled in flexible spending accounts (FSAs) can use their tax-free funds to take advantage of this technology wave and purchase sought-after health devices from FSA Store®, the first and leading online store dedicated exclusively to selling FSA-eligible products and services.
It’s exciting to see FSA eligibility extend to cover devices that treat such a wide variety of needs, and FSA Store is proud to offer top products and brands to help account holders responsibly spend remaining FSA funds before the use-it-or-lose-it deadline.
“Technology can make managing conditions and everyday health more convenient, accurate, personalized, and fun,” said Keri Kaiser, chief revenue officer for Health-E Commerce®, parent brand to FSA Store. “It’s exciting to see FSA eligibility extend to cover devices that treat such a wide variety of needs, and FSA Store is proud to offer top products and brands to help account holders responsibly spend remaining FSA funds before the use-it-or-lose-it deadline.”
In addition to high-tech health devices, FSA Store carries more than 2,500 exclusively FSA-eligible products. To help consumers understand the December 31 FSA deadline, FSA Store offers an interactive deadline spending tool and searchable eligibility list.
10 “Hot” Health Tech Purchases With Your FSA
Dr Dennis Gross DRx SpectraLite™ FaceWare Pro. Perfect for all skin types, this light therapy device uses red and blue light to clear mild to moderate acne. It also prevents flare ups, and calms redness while reducing inflammation to improve skin complexion.Therabody RecoveryAir JetBoots. These compact boots provide both at-home and on-the-go recovery by temporarily increasing circulation to the treated area, delivering pain relief and promoting a faster recovery.Wave Full Body Circulation Plate from Caring Mill™ by Aura. This device is designed to enhance lymphatic drainage and effectively alleviate joint and back pain through a combination of customizable vibration settings and an ergonomic design.dpl® Oral Care Light Therapy System. This device provides targeted oral light therapy by using infrared, blue, and red light to relieve pain/soreness in the teeth and gums, while increasing circulation, and enhancing gum health.Revive Ultra Massage Gun from Caring Mill™ by Aura. This massager is designed to provide a rejuvenating experience, with adjustable intensity levels and interchangeable heads. Customizable for individual experiences to target specific muscle groups and alleviate tension.Ease Migraine and Eye Reliever from Caring Mill™ by Aura. This wearable device targets pressure points and heats up to 107° F, alleviating headaches and distress by melting tension and reducing eye strain.Bask Infrared Full Body Heat Wrap — Caring Mill™ by Aura. With a luxurious design and advanced infrared technology, this wrap provides full body heat support. Plus, It’s portable and easy to use both at home and on-the-go.WHOOP 4.0 Wearable Health & Activity Tracker. The WHOOP 4.0 Tracker monitors heart and respiratory rates, heart rate variability, temperature, oxygen levels, activities, sleep, and more.Palm Hand Therapy Device — Caring Mill™ by Aura. With advanced technology and a sleek minimalist design, the Palm Hand Therapy Device utilizes the powerful combination of heat and air compression to target tension in hand muscles, while providing relief from conditions like carpal tunnel and arthritis.Wush Pro Powered Ear Cleaner. A safe, effective, and gentle way to clean ears. This rechargeable, triple jet stream device gently loosens and prevents wax buildup, with 3 pressure settings, from a gentle clean to wax removal.
What is the FSA deadline? All FSAs have a deadline by which funds must be spent each year. The majority of employers that offer an FSA have a December 31 deadline, which means that employees who are enrolled in the FSA may need to spend all funds by December 31 with a few exceptions, otherwise unused funds will be forfeited. This December deadline is often referred to as the “use-it-or-lose-it deadline.”
About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store and HSA Store, 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 through which a portion of every purchase is donated to the Children’s Health Fund. 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, FSAStore.com, 651-230-9192, barbara@taborpr.com, FSAStore.com
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SOURCE FSAStore.com
