In today's rapidly changing healthcare landscape, Businesses are constantly seeking innovative ways to provide value to their employees and customers. One such avenue is the acceptance of Flexible Spending Account (FSA) and Health Savings Account (HSA) payments. These financial tools offer significant benefits to both employers and individuals, making them a win-win proposition for businesses. This article explores some of the advantages for businesses to accept FSA and Hsa Payments and provides a list of some common items that can be purchased with these funds.
Why Accept FSA and HSA Payments?
Expanding Customer Base
By accepting FSA cards, businesses can tap into a broader customer base. As more individuals opt for these healthcare accounts, being FSA and HSA-friendly can attract new clients and boost your revenue.
Competitive Edge
Accepting HSA card payments can give your business a competitive edge in the market. While many businesses are still unaware of these payment options, being an early adopter demonstrates that your company is in tune with the changing healthcare landscape, setting you apart from the competition.
Increased Sales
FSAs and HSAs are often underutilized due to a lack of understanding about their benefits. By accepting FSA cards and HSA cards, you're encouraging individuals to spend their healthcare funds, which in turn increases their spending in your establishment.
Common Products and Services That Can Be Bought with FSA and HSA Funds
Even if you run a business that doesn’t fully fit into the healthcare industry, there’s a good chance you sell one or more products that are FSA or HSA compliant. Below is a list of common products that can be purchased with these funds.
Over-the-Counter (OTC) Medications: FSAs and HSAs cover a wide range of OTC medications, including pain relievers, allergy medications, and cold remedies. By accepting these payments, businesses can boost their sales of such products.
Medical Equipment: FSA and HSA funds can be used to buy various medical equipment, such as blood pressure monitors, glucose meters, and first aid kits. Items such as back braces, orthopedic inserts, and fertility tests may also be eligible.
Eyewear and Contact Lenses: Individuals can use their FSA and HSA funds to purchase prescription eyeglasses, reading glasses, contact lenses, and even prescription sunglasses. Likewise, eyecare products like eye drops may also be eligible.
Menstrual Products: Sanitary products such as pads, tampons, period briefs, and menstrual cups can all be purchased with funds from a health savings account. Products for menstrual pain relief such as OTC medications and heating pads are also eligible.
Mobility Products: Those in need of a wheelchair, walker, mobility scooter, cane, or other mobility assistance device may not be eligible for full insurance coverage for these items. However, they can pay for the excess or the entire item with FSA or HSA funds.
Sunscreen: Sunscreen is a crucial component of skin care, and it's also an FSA and HSA-eligible item. Retailers that sell sunscreens can see a boost in sales by allowing these payment methods.
Skin Care: In addition to sunscreen, some other skincare products may also be eligible. These include acne medications, creams for eczema and psoriasis, and diaper rash cream.
PPE: Personal protective equipment (PPE) is no longer reserved for those who work in high-risk professions. These days the general public has increased their use of face masks, gloves, and hand sanitizer, which can all be purchased with HSA and FSA funds.
Health and Wellness Products: A wide array of health and wellness products, such as vitamins, dietary supplements, and smoking cessation medication, may be FSA and HSA-eligible. Retailers specializing in these items can benefit from increased sales by accepting HSA card payments.
Conclusion
Accepting FSA and HSA payments can be a strategic move for businesses across various industries. It not only expands the customer base but also provides businesses with tax benefits, a competitive edge, and increased sales potential making it a smart financial choice. By offering convenience and flexibility in how customers pay for healthcare-related expenses, your business can thrive in this evolving healthcare landscape. As the healthcare industry continues to evolve, it's essential for businesses to adapt and cater to the changing needs and preferences of their customers. Accepting FSA and HSA payments is one such adaptation that can have a positive impact on your business's bottom line and its reputation as a forward-thinking, customer-focused enterprise.
