(February 10, 2011 – Washington, D.C.) Save Smart Spend Healthy, a consumer education campaign focused on the benefits of flexible spending accounts, today applauded the decision by the IRS to allow breast feeding supplies – such as breast pumps - to be considered tax-deductible medical supplies, and therefore eligible for purchase by those with flexible spending accounts (FSAs) and health spending accounts (HSAs).
“Today’s announcement by the IRS is a victory for working families with newborns and those who rely on flexible spending accounts to help manage and hold down their out-of-pocket health care costs,” said Joe Jackson, chairman of Save Smart Spend Healthy and CEO of benefits provider WageWorks, Inc. “As health care costs continue to rise, flexible spending accounts are becoming increasingly important, making it easier for participants to get the medical care and supplies they need to stay healthy without worrying as much about the economic impact of their decisions.”
The IRS previously denied a request by the American Academy of Pediatrics to consider breast feeding supplies as tax-deductible medical expenses. The American Academy of Pediatrics recommends that mothers breastfeed for at least the first six months to a year of their baby’s life in order promote good health.
About Save, Smart, Spend Healthy
Save Smart, Spend Healthy provides resources and tips on the advantages and proper uses of flexible spending accounts (FSAs).
The campaign is sponsored by WageWorks, Inc., the nation's largest independent provider of consumer-directed benefits solutions including tax-advantaged health, wellness, child care, commuting, and education benefits. For more information on WageWorks, please visit www.wageworks.com.
WageWorks, Inc. is the nation’s largest independent provider of consumer-directed benefits solutions. Products include: flexible spending accounts (FSA), health reimbursement accounts (HRA), health savings accounts (HSA), COBRA and commuter products and services. WageWorks is the only company to deliver a completely integrated spending account solution. It offers products on a single platform with built-in debit cards for health care and convenient account management tools such as electronic-bill payment, cash reimbursement and transit-pass home-delivery services. This reduces the cost of plan administration, while maximizing plan participation and value for employees.
WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, please visit the Web site at www.wageworks.com.
“My FSA is a life saver! Last year I was diagnosed with a malignant tumor and luckily I was able to have the necessary surgeries to remove it immediately since my FSA covered all of the out-of-pocket costs for my deductible and medicines.”
Annual Savings: $816