CVS Adds New Health Savings, Flexible Spending Account Tracking Tools
Tracking spending in consumer directed healthcare spending is an added burden for users, particularly when it comes to drugs and other medical items.
CVS/pharmacy is aiming to make it easier for shoppers enrolled in health savings account (HSA)-eligible insurance plans and flexible spending accounts (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. CVS/pharmacy checkout counters now provide shoppers with easy-to-read register receipts, which highlight prescription medicines, OTC remedies and other qualifying purchases.
The new receipts can in turn help shoppers easily identify and track HAS/FSA purchases with a special symbol indicating which items are eligible.
"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 chronic conditions," he added.
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.
ExtraCare cardholders can call a toll-free number to receive a list of HSA/FSA-eligible purchases made with their ExtraCare card. T
he statement can also be used to substantiate FSA-eligible purchases made with an ExtraCare card going back 14 months. 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, which can help shoppers forecast HSA/FSA-eligible spending for future withholdings or to substantiate tax deductions pertaining to health and medical expenses.