Recent data from Health-E Commerce shows that 88% of account holders want to use FSA and HSA funds to purchase vitamins and other supplements; meanwhile, consumers spend $30.2 billion on supplements each year
NEW YORK, July 21, 2023 /PRNewswire-PRWeb/ -- Health-E Commerce, parent brand to FSA Store and HSA Store, announced today its support of the Dietary Supplements Access Act, which was introduced on July 20, 2023 by U.S. Representative Darin LaHood (IL-16), Rep. Brendan Boyle (D-PA), Rep. John Curtis (R-UT), and Rep. Josh Gottheimer (D-NJ). If made law, the proposed legislation would expand eligibility for flexible spending accounts (FSAs) and health savings accounts (HSAs) to include vitamins and dietary supplements for the more than 70 million Americans who are currently enrolled in these accounts.
"We applaud Representatives LaHood, Boyle, Curtis and Gottheimer for listening to the needs of their constituents across the country who use vitamins and other supplements to manage their everyday health and wellbeing," said Preston Farrington, CEO of Health-E Commerce. "This is the first step toward expanding eligibility in a meaningful way that would make it easier for consumers to stretch their healthcare dollars further. Considering that 77% of Americans take at least one supplement, it's safe to say that if passed, this legislation would further empower consumers to manage their health and their healthcare dollars."
According to Farrington, in a recent survey of FSA and HSA users, 88% said that they want to use their tax-free funds to purchase vitamins and supplements, while 81% said they would spend their account funds differently if these items became eligible as FSA and HSA expenses.
In addition, the Consumer Healthcare Products Association (CHPA) and the Council for Responsible Nutrition (CRN) recently released findings from a survey of nearly 2,000 consumers revealing that Americans overwhelmingly support using FSA and HSA funds to purchase vitamins and supplements. More specifically, the survey was consistent with the Health-E Commerce survey in that it showed nearly 8 out of 10 people enrolled in FSAs and HSAs want to use their funds to purchase vitamins and supplements. Meanwhile, additional data show that Americans spend $30.2 billion on supplements each year.
"Today's consumers are taking greater control of their own health, and they overwhelmingly want to be able to utilize their tax-preferred savings on a wider variety of self-care options, including dietary supplements," said CHPA President and CEO Scott Melville. "By including dietary supplements to the list of qualified medical expenses eligible for use by FSA and HSA accounts, this bill builds on a bipartisan initiative in 2020 that expanded FSA and HSA eligibility to include over-the-counter medicines and feminine hygiene products. CHPA applauds Representatives LaHood, Boyle, Curtis and Gottheimer for spearheading this effort, which will provide greater control for millions of consumers to best determine how to use their pre-tax dollars to stay healthy."
To learn more about this legislation and how to lend your voice, visit TaxFreeBetter.com.
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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.
Media Contact
Barbara Tabor, Health-E Commerce, 651-230-9192, barbara@taborpr.com
SOURCE Health-E Commerce
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