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FSAStore.com Accepts and Processes Prescriptions for Over-the-Counter Products for Flexible Spending Account HoldersNew Rx Functionality Eliminates Hassle From Prescription Requirement for FSA Reimbursement of Over-the-Counter Products (October 19, 2011)
NEW YORK, NY -- (Marketwire) -- 10/19/11 -- FSAStore.com, the only ecommerce site stocked exclusively with flexible spending account (FSA) eligible products and services, today launched site enhancements that will make it simple for the approximate 35 million consumers with an FSA to use those funds to purchase over-the-counter (OTC) drugs and medicines, which now require a prescription in order to be reimbursed by an FSA.
Due to recent IRS regulation, consumers must now submit a prescription for over-the-counter drugs and medicines in order to be reimbursed by an FSA. While tens of thousands of products remain FSA eligible without a prescription, FSAStore.com sales of OTC products that now require a prescription in order to be eligible for reimbursement have declined from 67% to 3% since the prescription requirement went into effect earlier this year.
Currently, when a consumer purchases an OTC product that requires a prescription, they must mail in a copy of the prescription and then wait for approval and processing before receiving reimbursement from their FSA. FSAStore.com's Rx functionality satisfies the prescription requirement at the point of purchase with three customer options:
1. FSAStore.com contacts the physician directly to obtain the prescription for processing.
2. Physician submits the prescription to FSAStore.com directly via email or fax for processing.
3. Customer submits the prescription to FSAStore.com via mail for processing.
"The recent eligibility changes attempt to make it inconvenient for consumers to use their tax-free dollars to purchase a variety of products from cold and allergy medicine to pain relief," said Jeremy Miller, FSAStore.com founder and president. "FSAStore.com was founded on the principle that it should be simple and convenient to use an FSA and we continue that commitment with these site enhancements."
"We chose to partner with FSAStore.com because the site offers a level of convenience and simplicity not found anywhere else," said Joe Jackson, CEO of WageWorks. "At FSAStore.com our participants can shop with confidence since everything on the site is FSA eligible and the prescription process is seamless."
FSAStore.com is the only ecommerce site exclusively stocked with FSA eligible products and services so there are no guessing games about what is and is not reimbursable by an FSA. In addition to more than four thousand FSA eligible products the site offers a national provider database of FSA eligible services and an FSA Learning Center. FSAStore.com accepts all FSA debit and major credit cards, offers 24/7 customer service, one-to-two-day turnaround and free shipping on orders $50+. There is no need to submit receipts when using an FSA debit card at FSAStore.com.
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