Many of our community members have asked us how they can use their flexible spending accounts (“FSA”) and healthcare spending accounts (“HSA") to purchase our products! Along with our friends from the FSAstore.com, we wanted to share a little more on this!
Care+Wear has become an industry leader in the realm of active healthwear that is not only functional but fashionable. However, if you're shopping for Care+Wear PICC Covers or Port Access Clothing, you may not know that these products are eligible for reimbursement through a flexible spending account (FSA)! Today, more than 35 million Americans have FSAs through their employer-sponsored healthcare plans, but few are aware of just how versatile these consumer-directed healthcare accounts can be in covering medical products and services. Let's explore further how these accounts work.
A Flexible Spending Account (FSA) can be a great option to help you save on your healthcare expenses. These employer-sponsored accounts are not only pre-tax, but the money can be used for many different medical expenses. You can use an FSA to cover co-pays at the doctor's office, dental and eye care, and thousands of healthcare products ranging from sunscreen to first aid kits! By using an FSA, you effectively reduce taxable income, and can cover expenses that you'd normally pay for out of pocket.
FSA product/service eligibility is dictated by the Internal Revenue Service (IRS) in their ruling IRS 213(d), which states that medical care is "amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body." As Care+Wear products are directly related to the management of a medical condition, they are FSA eligible!
Using your FSA for these products is simple and convenient! You can submit paperwork or receipts for FSA reimbursement with your insurance provider after buying your products online or in stores! Alternatively, you can even shop for them at FSAstore.com, the only e-commerce site that exclusively carries products covered by an FSA. At FSA Store, you can use an FSA debit card to pay for these expenses or shop without an FSA card and submit paperwork or receipts for FSA reimbursement.
The yearly FSA deadline is coming December 31st! Spend your hard-earned FSA funds on the products your family needs most to foster improved wellness year-round!
To enroll, your employer must offer an FSA, and then you will decide how much you would like to set aside for the upcoming plan year. Most employers will allow workers to set aside the individual maximum, $2,550, but this can vary. Once a set amount is determined, payroll deductions will be taken out of your paycheck evenly throughout the year. Most plans will come with an FSA card, a debit card that you can use to pay for qualifying purchases, like great Care+Wear products!
However, there is one HUGE piece of information all new FSA account holders should know: deadlines! These vary depending on the plan, but by and large, all FSA funds must be used by the end of the plan year or they will be forfeited to your employer. Employers can offer a 2.5-month grace period to liquidate these funds or allow employees to carry over $500 to the following year, but this is left up to the employer to choose. Be sure to check with your benefits administrator to find out these important plan regulations.We hope that you have found this post informative. We’re glad that it’s been officially agreed that Care+Wear products are helping medical conditions and we’re thrilled to give you this opportunity to utilize your FSA dollars for our products. Please don’t hesitate to reach out to us with any questions or comments and we’re always happy to help you learn more!
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