FSAstore.com/HSAstore.com Launch Parent Company, Health-E Commerce
- Jan 22, 2019
- Related Investments
Health-E Commerce Will Unite Family of Leading Pre-tax Health and Wellness Brands FSA Store, HSA Store, WellDeserved and Caring Mill and Create Industry Committee on Health and Wellness Product Authenticity and Eligibility
Jeremy Miller, CEO and founder of leading e-commerce health and wellness sites FSAstore.com and HSAstore.com, today announced the launch of a parent company, Health-E Commerce, to consolidate the online health and wellness marketplace for pre-tax health accounts, wellness benefits, advocacy, product authenticity, and consumer education. The Health-E Commerce family of brands will initially include the well-established pre-tax health and wellness shopping sites, FSAstore.com and HSAstore.com, along with Caring Mill – the company’s private-label line of health products introduced in 2017 – which provides a donation with each purchase to Children's Health Fund, and a new brand, WellDeserved, a hub for redeeming corporate wellness rewards.
Today, the gaps consumers face between their health and wellness needs and the benefits that are covered continue to widen. Consumer-driven health accounts were developed to help Americans close the gap between their health care needs and what their health insurance plan covers.
“It’s not enough to deliver innovative benefits. You have to create a clear roadmap for consumers to actually use them to their benefit in an era of rising costs. For nearly a decade, our team has been focused on the biggest consumer-facing problems related to spending pre-tax health benefits through better consumer education and guaranteed eligible and authentic health products,” said Miller. “With Health-E Commerce, we’re demonstrating our commitment to untangling a marketplace famous for confounding consumers for decades.”
Health-E Commerce is focused on a powerful and growing market segment currently representing 60+ million Americans with nearly $100 billion in annual spending power. Research suggests that the majority of consumers eligible for these accounts avoid enrolling because they don’t understand them or have had a poor user experience. There’s currently an additional $110 billion dollars available for eligible consumers to elect and spend each year through pre-tax health accounts.
According to Miller, an important part of the Health-E Commerce mission will be to introduce new e-commerce brands that help American families "benefit better" -- making accounts easy to use, convenient and valuable. The company will also spearhead key initiatives to drive meaningful change in the health and wellness industry. New brands and initiatives announced as part of Health-E Commerce’s mission include:
- Health-E Commerce today launched WellDeserved, the web’s first direct-to-consumer shopping site that makes wellness rewards shopping easier. Corporate wellness programs are one of the fastest-growing benefit trends in America today, accounting for an $8 billion industry that’s expected to grow rapidly. WellDeserved provides a new way for consumers to shop for eligible products and services with their wellness rewards.
- Health-E Commerce today announced the formation of the Health-E Committee, an advisory council of industry leaders including founding members Brownmed, KT Tape, Tender Corporation, MD SolarSciences Corp., and Compass Health Brands. The Committee will collaborate with the Consumer Health Products Association (CHPA) to help advance issues that matter to manufacturer and consumer communities, such as product authenticity standards, adherence to Minimum Advertised Pricing (MAP), and consumer product safety.
“Consumers with pre-tax health and wellness benefits are an increasingly important segment of our customer base, and with the launch of Health-E Commerce, we now have an effective way to reach them. Whether they are shopping with FSA or HSA dollars, or redeeming rewards from their corporate wellness programs, Health-E Commerce is a great channel to inform and educate customers about products they can purchase with their benefits,” said Allison Cotaling, Vice President of Sales for MD SolarSciences Corp. “We are also very supportive of Health-E Commerce’s mission to establish a forum for industry discussion of big issues like expanded product eligibility and authenticity.”
Health-E Commerce has built the only partner network of more than 250 third-party administrators (TPAs) and more than 300 direct relationships with health and wellness brands to serve over 60 million Americans who currently utilize tax-advantaged accounts like Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs) and corporate wellness programs. With the debut of Health-E Commerce and WellDeserved, the family of brands will help many more millions of consumers maximize their health and wellness benefits.
About Health-E Commerce
Health-E Commerce is the parent company of FSA Store, HSA Store and WellDeserved, a family of brands that serve the 60+ million consumers with pre-tax health and wellness accounts. The company has also created Caring Mill, a popular private-label line of health products that benefits Children’s Health Fund and enables customers to make a donation with each purchase. Since 2010, the company’s brands have led the direct-to-consumer e-commerce market for pre-tax health and wellness benefits. Health-E Commerce plays an essential role in expanding product eligibility for important new categories within the IRS-approved list of eligible medical expenses like sunscreen and breast pumps. The company leads a committee of industry experts to promote the important national conversation around product safety and authenticity.