Just in time for year-end FSA expirations, Flex Market offers eligible products alongside convenient telehealth consultations for Letters of Medical Necessity, making services like fitness programs HSA/FSA reimbursable
SAN FRANCISCO, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Flex, the leading platform enabling direct-to-consumer health and wellness businesses to accept HSA and FSA payments, today announced the launch of Flex Market, a first-of-its-kind marketplace where consumers can discover and purchase HSA and FSA-eligible products and services. This launch comes at a critical time, as many consumers rush to spend their tax-advantaged FSA dollars before they expire at the end of the year.
A Marketplace to Maximize HSA/FSA Dollars
Flex Market offers a wide range of eligible items-from women's health products to prescription eyewear to wearables-alongside services like fitness programs, personal training, and massages.
- For eligible products, consumers can shop directly using their HSA or FSA card.
- For services, Flex simplifies the process with a convenient chat-based telehealth visit with a licensed healthcare provider to get users the documentation they'll need for HSA/FSA reimbursement. No scheduling is required-consumers can complete the consultation on their own time and, if they qualify, receive their Letter of Medical Necessity (LMN) the same day.
For a full list of eligible brands and offerings, visit https://www.withflex.com/shop.
Addressing Financial Gaps
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are tax-advantaged financial accounts that allow individuals to set aside pre-tax dollars to cover qualified health expenses. These accounts are designed to make healthcare more affordable by enabling individuals to use untaxed income to cover medical costs and effectively reducing taxable income.
FSAs, however, come with a "use-it-or-lose-it” policy. Any unused funds at the end of the plan year are forfeited unless the employer offers a grace period or carryover option. As a result, it's estimated that the average FSA account holder loses approximately $440 annually-funds that could otherwise go toward meaningful health and wellness expenses. This financial leakage amounts to billions of dollars in forfeited benefits each year, stemming largely from consumer uncertainty about eligible expenses and last-minute purchasing decisions.
Flex Market addresses these challenges by providing a centralized platform for consumers to explore a wide range of eligible products and services. By leveraging the convenience of direct HSA/FSA payments and enabling easy access to Letters of Medical Necessity, Flex Market empowers consumers to maximize the full potential of their tax-advantaged dollars while improving their overall health and wellness.
A Game-Changing Opportunity
"As we approach the end of the year, when billions of hard-earned FSA dollars are at risk of expiring, Flex Market provides a timely solution for consumers to spend their funds in meaningful ways that improve their health,” said Sam O'Keefe, Co-Founder and CEO of Flex.
Empowering Health and Wellness Businesses
Flex invites health and wellness businesses interested in qualifying for HSA/FSA or listing their services on Flex Market to reach out and join the platform.
About Flex
Flex makes it easy for direct-to-consumer health and wellness businesses to accept HSA and FSA payments. By enabling merchants to tap into $150 billion in HSA/FSA funds, Flex drives new revenue, increases cart sizes, and improves customer retention.
Flex Market empowers consumers to discover eligible products and services while maximizing their health and wellness benefits. With a seamless solution to unlock the full potential of HSA/FSA spending, Flex is transforming how consumers and merchants connect. Start shopping today at https://www.withflex.com/shop.
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