drugstore.com Pharmacist Available to Provide Tips On Maximizing FSAs for 2004 and 2005 Tax Seasons.drugstore.com, inc. (Nasdaq:DSCM): --It's Tax Season! Are Consumers Saving As Much Money As They Can? --Did you know that diaper cream, contact lenses, and even the Philips HeartStart Home Defibrillator are eligible for coverage under many flexible-spending account (FSA FSA - Fabless Semiconductor Association FSA - Faculty Service Area FSA - Faculty Study Abroad FSA - Family Separation Allowance FSA - Family Service America FSA - Family Services Association FSA - Farm Safety Association FSA - Farm Security Administration FSA - Farm Security Agency FSA - Farm Service Agency (USDA) FSA - Federal Savings Association FSA - Federal Security Agency FSA - Federal Seed Act of 1939 FSA - Federal Space Agency (Russia)) programs?
WHAT: Popular flexible-spending accounts (FSA) allow consumers to take
pre-tax dollars and deposit them into an account with their
employer. Employees then submit receipts of health-related
expenses for reimbursement, up to a specific amount set by the
employer under IRS regulations.
Learn:
-- Which over-the-counter medicines are now covered under new
IRS guidelines,
-- How consumers can realize an average net tax savings of $284
by enrolling in an FSA,
-- How to simplify the record-keeping and reimbursement
processes, and
-- Which receipts should be saved for tax purposes.
WHO: Chris Pierce, RPh, licensed pharmacist at the drugstore.com(TM)
Web Store, a leading online provider of health, beauty, vision,
and pharmacy products
WHY: Only about 20% of the 100 million Americans who are eligible
currently take advantage of FSAs. With the April 15 tax
deadline just around the corner, Chris Pierce, RPh of the
drugstore.com Internet pharmacy, can discuss how FSA
participation translates into savings on Americans' tax bills.
Here are some quick FSA facts:
-- FSAs Can Save Money: An employee making $35,000 a year who
contributed to a health care FSA (average annual
contribution of approximately $1,292), would see a net tax
savings of $284. (Source: Employee Benefit Research
Institute)
-- Many Everyday Health Items Are Now FSA-Eligible: FSAs were
greatly enhanced in September 2003, when the IRS added
certain over-the-counter medicines to the list of products
eligible for coverage. These include: cough, cold and
allergy products, antacids, pain relievers, first-aid
products, and many more. Many FSA plans even cover the
Philips HeartStart Home Defibrillator. (Source:
drugstore.com, inc. and Employee Benefit Research Institute)
-- No More Multiple Paper Receipts To Keep and Maintain: The
drugstore.com Web Store offers an FSA Store that groups
FSA-eligible products together and allows online shoppers
to obtain a single receipt for all FSA-tagged purchases.
WHEN: April 4 to 15, 2005
Phone interviews can be scheduled at your convenience.
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