CVS/pharmacy Makes It Easier for Consumers to Save Money and Track Spending with Health Savings and Flexible Spendin... (ic conditions. CVS/pharmacy remains comm...)

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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

ic conditions. CVS/pharmacy remains committed to improving the lives of our customers, and helping them save money on everyday health costs is a major component of that mission."

Easier than ever to use "flex cards" at the register

An increasing number of consumers participating in FSAs rely on FSA debit cards loaded with predetermined limits. Consumers who present these "flex cards" to complete a transaction at CVS/pharmacy will experience the immediate benefit of the FSA sub-total being deducted directly from the shopper's flex card, while the remaining total for non-FSA items will be organized for the shopper to purchase with an alternative method of payment. Some FSA programs or third-party administrators may request proof of an automatically submitted claim by way of receipt, so participants are encouraged to save receipts that contain FSA-eligible purchases made with a flex card.

Organizing and tracking spend throughout the year

Cardholders can call a toll-free number (1-800-SHOP-CVS) to receive a list of HSA/FSA-eligible purchases made with their ExtraCare card. This statement can be used to substantiate FSA-eligible purchases made with an ExtraCare card going back 14 months. Cardholders receive their HSA/FSA-purchase statement by U.S. mail within five business days of making the request (or sooner, if callers request an email version of the statement). CVS/pharmacy provides this service free of charge to ExtraCare cardholders. Cardholders that do not participate in FSAs may still receive a free list of FSA-eligible purchases. These lists help shoppers by supplying enough information to forecast HSA/FSA-eligible spending for future HSA/FSA withholdings or to substantiate tax deductions pertaining to health and medical expenses.

Details: FSAs and HSAs

Health savings accounts and flexible spending accounts are made available by many U.S. employers as part of company health benefits. HSAs and FSAs allow an employee to se
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