Online retail giant is no stranger to offering American consumers a myriad of product choices. With the announcement that they now offer the option of buying medical supplies with Health Savings Accounts (HSAs), consumers now have an even larger platform to find lower priced over-the-counter items that were once dominated by Walmart, CVS and Walgreens.
Why This Move Is Good for HSA Planholders
By allowing HSA account owners to make purchases on the world’s largest shopping platform, Amazon will lower the prices of many products that others cannot afford to match.
This competitive approach provides much needed price breaks for those struggling to make purchases for products like glucometers, catheters, insulin pens, IV equipment and more. Both Amazon and marketplace sellers provide products, although additional requirements may be necessary for sellers.
As Amazon gets deeper into the healthcare market, getting prescriptions filled and shipped overnight may soon be a reality. With their acquisition of PillPack, they have shown interest in offering more than vitamins and general fitness items.
At present, HSAs and Flexible Spending Accounts cannot be used on Amazon’s platform to fill major pharmaceuticals requiring a doctor’s order. A full list of eligible products can be found here.
By accepting HSA dollars, Amazon is not only giving consumers across the country more options to save on medical expenses, but also hopefully exposing more consumers to the unparalleled benefits of this great healthcare savings tool.
Remember, if you have an HSA-qualified health plan, you can deposit pre-tax money in your HSA. You can withdraw that money at any time tax-free, to pay for medical expenses.
If you want to learn more about HSAs or healthshare plans that can be paired with an HSA, give us a call at 800-913-6381 to talk to one of our expert Personal Benefits Managers.
Wiley Long is the president of ColoHealth, and has been in the health insurance industry since 1987. He received his master’s degree in nutrition and exercise science at Colorado State University, and is passionate about individual healthcare freedom. Read more about Wiley on his Bio page.
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