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Press Releases by Date   |   Press Releases by Company Name


View More Press Releases by Health E-Commerce

Press Release

As Open Enrollment Season Begins, Health-E Commerce Reminds Employers, Benefits Managers of Key Account Changes That Employees Need to Understand

Issued by Health E-Commerce

Sept. 13, 2021

From deadlines to eligibility changes to general account benefits, educating employees about flexible spending accounts (FSAs) and health savings accounts (HSAs) during open enrollment can increase participation and engagement year ‘round

NEW YORK, NY (September 13, 2021) — As the benefits open enrollment season takes off amidst an ongoing COVID-19 pandemic, employees are looking to employer-sponsored benefits to help them save money while protecting their health and well-being. Health-E Commerce, parent brand of industry-leading online marketplaces FSAstore.com and HSAstore.com, is reminding employers of the top three points of confusion for employees when it comes to flexible spending accounts (FSAs) and health savings accounts (HSAs). Health-E Commerce encourages all employers to share this information as part of their open enrollment communications.

FSAstore.com and HSAstore.com offer the more than 70 million American consumers who are enrolled in FSAs and HSAs a 100%-guaranteed shopping experience that eliminates the guesswork from spending account funds. These sites also feature a comprehensive list of eligible products and services, an extensive library of helpful articles and blogs about how FSAs and HSAs work and the many ways to use those funds, as well as account planning and management tools and calculators. To make open enrollment easier for employees and employers, Health-E Commerce also created an interactive Open Enrollment Guide to help employees determine which account type is best for them and how much to contribute.

“Open enrollment season is a pivotal time for employees to evaluate their benefit options and decide how to best invest in their health and wellness in the year ahead,” said Rida Wong, president of Health-E Commerce. “Health-E Commerce was created around the simple mission of simplifying this process for FSA and HSA consumers and this year, in particular, we anticipate they will need extra support to reduce the confusion around the many temporary changes that were introduced since COVID hit so they can make sound health benefits decisions in the coming year.”

Based on questions that Health-E Commerce receives from account holders who shop their sites, following are the top three things to focus on during open enrollment communications this fall.

  1. Your deadline may not be your deadline, and you can still lose funds.

The COVID-19 pandemic prompted swift changes by the IRS and Congress that affected FSA deadlines and contribution rules. The Consolidated Appropriations Act of 2021 gave employers the choice to change or temporarily eliminate the FSA spending deadline for their benefits plan. They were also given the option to allow employees to rollover their entire unused account balance to the upcoming plan year. Because FSAs are an employer-owned and sponsored account, each company can have different deadlines and set rules that meet their needs. It’s critical that benefits teams communicate deadlines and any other rules changes clearly and often to employees so they do not forfeit unused FSA funds.

  1. Eligibility has changed — a lot.

With thousands of options, FSA and HSA users can save on a wide variety of services and products, from copays to breast pumps, contacts, COVID-19 masks, over-the-counter medications, tampons, and much more. Some of the high-demand products were made eligible for the first time because of the pandemic and concerted efforts by companies like Health-E Commerce to expand eligibility rules. More specifically, the Coronavirus (COVID-19) Relief and Economic Security (CARES) Act in 2020 made feminine care and over-the-counter medications eligible, while IRS announcement 2021-7 made personal protective equipment (PPE) like masks and hand sanitizer eligible. The Health-E Commerce Eligibility List is a comprehensive list of FSA and HSA eligible items and a go-to resource during open enrollment.

  1. The financial benefits of enrolling are significant.

A common (and recurring) question that shoppers ask of Health-E Commerce is, “Why should I enroll in an FSA or HSA?” Employers and benefits professionals are key to helping employees understand the difference between an FSA and HSA, how these accounts help reduce taxes and save on healthcare throughout the year, the savings potential, and how easy it is to use your account(s) for daily healthcare needs. This Health-E Commerce Learning Center article provides a comprehensive review.

To learn more or view additional employee tools and educational content, visit FSA Store, HSA Store, or Health-E Commerce.

###

About Health-E Commerce

Health-E Commerce is the parent company of FSA Store, HSA Store and WellDeserved, a family of brands that serve the 70+ 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 over-the-counter medications, feminine care products, sunscreen, and breast pumps.

View More Press Releases by Health E-Commerce


Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

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