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CVS/pharmacy Makes It Easier for Consumers to Save Money and Track Spending with Health Savings and Flexible Spending Accounts
Date:6/18/2008

WOONSOCKET, R.I., June 18 /PRNewswire/ -- According to a recent study(1), more than 6.1 million Americans are currently enrolled in health savings account (HSA)-eligible insurance plans, a 35 percent increase since last year. Consumers are increasingly turning to health savings and flexible spending accounts (FSAs) to cut costs associated with health care. CVS/pharmacy, America's largest retail pharmacy with 6,300 convenient locations nationwide, is making it easier for shoppers enrolled in HSAs and FSAs to save money and track eligible health purchases as part of its ExtraCare rewards program.

As part of a new system rolled-out nationwide in early 2008, CVS/pharmacy checkout counters now provide shoppers with easy-to-read register receipts. The new receipts highlight prescription medicines, over-the-counter (OTC) remedies and other qualifying purchases so they can be easily identified and tracked with a special symbol indicating which items are HSA/FSA-eligible. To make redemption of HSA/FSA funds as easy as possible, CVS/pharmacy register receipts also present separate sub-totals for items that are HSA/FSA-eligible.

HSA/FSA participants save money by setting aside pre-tax dollars for prescription co-pays, OTC medications and other health-related purchases. ExtraCare members who choose CVS/pharmacy for HSA/FSA-eligible purchases save money and time by eliminating the hassle previously associated with validation of HSA/FSA claims. ExtraCare cardholders still receive quarterly Extra Bucks earned for HSA/FSA-eligible transactions, as well as any applicable instant rewards.

"The use of health savings accounts and flexible savings programs has grown dramatically over the past two years," said Rob Price, senior vice president of marketing for CVS/pharmacy. "But many consumers don't realize that managing their funds throughout the year can be simple and, more importantly, can result in significant cost-savings, particularly for those with chron
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SOURCE CVS/pharmacy
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