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Paychex, FSAstore.com Partnership Offers Simple And Convenient Solution For Maximizing FSA Funds

Stocks in this article: PAYX

Paychex, Inc., a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses, today announced a partnership with FSAstore.com, a national online store stocked exclusively with FSA-eligible products and services. The partnership provides participants in the Paychex Flexible Spending Account (FSA) a simple and convenient way to use their FSA funds.

“Our partnership with FSAstore.com enhances our FSA offering, making it easier for our clients’ participants to use their Paychex FSA Debit Cards and FSA funds,” said Paul Davidson, Paychex director of product management. “For a small business owner, offering employee benefits such as a flexible spending account can serve as a powerful tool for attracting and retaining employees, and just as it offers tax savings to plan participants, it offers tax savings to employers by reducing their payroll taxes.”

Through the partnership with FSAstore.com, Paychex FSA participants have access to more than 4,000 FSA-eligible products, a national provider database of FSA-eligible services, a prescription request service for obtaining needed prescriptions for over-the-counter drugs, and the site’s FSA Learning Center that offers helpful tools, resources, and answers to frequently asked questions.

With access to the features and products available on FSAstore.com, the partnership offers improved ease-of-use for participants of the Paychex FSA and helps increase overall participation in employers’ FSA plans. Items purchased through FSAstore.com using an FSA debit card are auto-substantiated, which streamlines the purchasing process by eliminating the need for participants to make manual claim and receipt submissions to Paychex. With only FSA-eligible products and services available on the website, it’s easier for FSA participants to rest assured that the items and services they’re looking at are reimbursable, and comply with even the most recent healthcare reform provisions.

"We are very pleased to add an industry leader such as Paychex to our 100+ strong Third Party Administrator Network," said Jeremy Miller, president and founder of FSAstore.com. "Access to simple and convenient benefits solutions such as FSAstore.com help consumers better understand, use, and manage their FSAs, and ultimately save money."

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