Everything you need to know about the product and billing.
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a triple tax-advantaged savings account available to individuals enrolled in a high-deductible health plan (HDHP).
It allows individuals to save pre-tax dollars for future qualified medical expenses, such as copays, prescriptions, dental care, and other eligible items.
Contributions to an HSA are not subject to federal income tax, and in most states, HSA funds are tax-deductible.
What is a Flexible Spending Account (FSA)?
Like HSAs, Flexible Spending Accounts (FSAs) is triple tax-advantaged account designed to help individuals cover qualified medical expenses and eligible items. However, there are differences: Ownership and Portability: FSAs are typically employer-sponsored plans, while HSAs are owned by the individual. This means that HSAs can be taken from one employer to another, whereas funds in an FSA generally must be spent if you change employers.
Longevity of Funds: FSAs operate on a "use-it-or-lose-it" basis, where unspent funds at the end of the plan year may be forfeited. In contrast, HSA funds roll over year after year and can even be used in retirement.
Investment Opportunities: Unlike FSAs, HSA funds can be invested in mutual funds for potential long-term growth.
Can my business accept HSA/FSA payments?
Merchants can accept HSA/FSA payments if they have one of the various medical pre-approved merchant category codes (MCC’s) or if they can prove that over 90% of their payment volume processes HSA/FSA goods.
With Gale any merchant selling HSA/FSA eligible products may be able to process HSA/FSA cards compliantly with our Information Inventory Approval Standard (IIAS) System. Please don't hesitate to reach out to learn if your business can add this payment option.
How do I integrate Gale to my online store?
Every merchant at Gale gets personalized onboarding instructions that walk you through setting up Gale quickly and compliantly.
What is a SIG-IS IIAS-Certified merchant?
A SIG-IS IIAS-certified merchant is one that has undergone IIAS certification, ensuring that their system can verify purchases made with FSA/HRA card—this is why Gale was built. Gale is certified by SIGIS and can walk you through the simple process of getting certified.
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Join the most innovative health & wellness brands accepting HSA/FSA payments.
