September 29, 2022

Flexible Spending Accounts (FSAs) may be considered a “sleeper benefit” – in a world where the price of everything seems to be increasing before our eyes, a medical FSA can save you money on items you’re buying anyway. Michael Heimdal of FSA Store, an online resource and marketplace for FSA-eligible products, joins the latest episode of Nova’s “Under the Coverage” podcast to help listeners understand what’s eligible so they can take advantage of the savings with as little frustration as possible.

“Understanding Your FSA: It Covers More than Co-Pays and Compression Stockings” highlights what types of products are eligible to expand the awareness of health care consumers. FSAs allow employees to set aside pre-tax dollars to use on eligible health care expenses and health products. Heimdal explains that significant confusion exists over what people can use FSA dollars for, and the FSA Store was created to take the guesswork out of how to spend those funds effectively on fully eligible products.

“We’re living in very interesting economic times – record high inflation. It’s more to fill your car up. It’s more to bring groceries home. It costs more to live life, right?” Heimdal notes. “So, we have some great vehicles with FSA products and HSA (Health Savings Account) products where we can contribute pre-tax dollars and spend those pardoned dollars more effectively. I’m a big proponent of consumer-directed health care. And with that comes responsibility of education and that’s where I fit into this world. How can I create awareness to help families spend those hard-earned dollars more effectively on items that they use every single day but are completely unaware of that are eligible.”

Heimdal references a recent survey in which only 20 percent of respondents knew Tylenol, sunscreen, feminine care products, thermometers and Band-Aids were eligible under an FSA. In addition to those common items, there are lesser-known FSA-eligible products, such as genetic testing and therapeutic massage guns (if they have heat).

According to Heimdal, research shows the average household spends more than $1,000 annually on over-the-counter health products that are FSA-eligible. If consumers make those purchases with pre-tax funds, they’re saving approximately 30 percent. In addition to serving as a marketplace of FSA-eligible items, the FSAstore.com website has tools for consumers to confirm if different services or products are eligible, as well as to help calculate the amount of funds they should contribute to an FSA to maximize their savings.

“We create tools so folks can budget more effectively for products that they're consuming every single day,” Heimdal said.

Tune into our newest episode to hear more about what you can use an FSA for and the resources available via FSAstore.com.

 

How to Listen

New episodes are added regularly and are available on SoundCloud, Stitcher, Spotify, Apple Podcasts, Google Podcasts, Amazon Music and TuneIn. You can also listen via digital assistants like Alexa, Google and Cortana. Just ask Alexa to, “play the Under the Coverage podcast on Apple Podcasts” (or wherever you get your podcasts).

Under the Coverage features people who spend their working days focused on health benefits and health care, sharing their insider tips on information they wish every health care consumer knew. Have an idea for a future episode or a question you’d like answered? Find Under the Coverage on Twitter @UndrTheCoverage or email podcast@novahealthcare.com.