CVS/pharmacy can track HSA/FSA expenses

WOONSOCKET, R.I., June 19 (UPI) -- CVS/pharmacy is making it easier to track eligible expenses for U.S. health savings accounts and flexible spending accounts, officials say.

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 set aside a portion of pretax earnings to pay for healthcare expenses not covered by health insurance. Money deducted from an employee's pay into a HSA/FSA is not subject to payroll taxes, resulting in substantial payroll tax savings.

"The use of health savings accounts and flexible savings programs has grown dramatically over the past two years -- a 35 percent increase since last year," said Rob Price, senior vice president of marketing for CVS/pharmacy said in a statement. "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."

CVS/pharmacy registers now provide shoppers with register receipts that highlight prescription medicines, over-the-counter remedies and other qualifying purchases so they can be easily identified and tracked with a special symbol indicating which items are HSA/FSA-eligible, Price said.