ROSEVILLE, Calif., Nov. 28, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (OTCQB:INND), a manufacturer and direct-to-consumer distributor of hearing aids and related hearing products, announces the launching of www.FSAHearingAid.com and www.HSAHearingAid.com, two eCommerce Direct-to-Consumer hearing aid sales websites. These websites are exclusively designed for the tens of millions of people to be able to purchase hearing aids and related accessories with Pre-Tax Dollars using their Flexible Spending Accounts ("FSA") or Health Saving Accounts ("HSA"). Most of the tens of millions of people who have these types of accounts are not aware that hearing aids qualify as Pre-Tax Dollar expenditure through most of the FSA and by all HSA.
InnerScope believes these websites are the only online Direct-to-Consumer websites solely dedicated to accept FSA or HSA online payments for the purchase of InnerScope hearing aids. Additionally, InnerScope through its www.FSAHearingAid.com and www.HSAHearingAid.com websites will bring much needed awareness to the current 48 million people in the U.S (reported to having hearing issues) and with many of these people are FSA and HSA account holders, will now have a direct access with a convenient no-hassle way using Pre-Tax Dollars to purchase hearing aids and related accessories directly shipped to their home. Furthermore, with a simple reimbursement process, Walmart.com customers can purchase, InnerScope's hearing aids using Pre-Tax Dollars through their FSA or HSA. Moreover, Walmart.com customers can go to www.walmart.com/flexible-spending-account to purchase other FSA and HSA qualify medical related products.
Both FSA and HSA function like a credit card for purchases for certain out-of-pocket health care costs, which includes hearing aids. 87% of employers with 500 or more workers offer this FSA benefit. FSA allows for medical expenses such as hearing aids, for the individual, their spouse, their children under 27, and other claimed dependents i.e. an elderly parent. According to www.Healthcare.gov, FSA's has an annual time limit and deadline, typically on December 31st of each year to spend the money or lose the money. There can be a grace period, but after the expiration period, the money has to be used or it is lost. However, there are differences between FSA and HSA. The biggest difference for HSA is there is no annual time limit or deadline to spend the money. All HSA unused funds can carry over year after year.
According to www.devenir.com 2017 HSA Report, the number of HSA accounts surpassed 22 million, holding $45.2 billion in assets, a year-over-year increase of 22% for HSA assets and 11% for accounts for the year ended December 31, 2017. The average investment account holder has a $16,457 average total balance. Devenir HSA research report currently projects that the HSA market will exceed $60 billion in HSA assets by the end of 2019, held among roughly 27.5 million accounts.
"InnerScope is continuing to help the tens of millions of people in the U.S. the ability to afford to purchase hearing aids," said Matthew Moore, CEO of InnerScope Hearing Technologies. "We are proud to have launched www.FSAHearingAid.com and www.HSAHearingAid.com Direct-to-Consumer hearing aid stores for the tens of millions of account holders to take a tax advantage of purchasing hearing aids. These millions of account holders not only can purchase hearing aids and related accessories for their own personal hearing needs, but also can use their FSA or HSA funds to purchase hearing aids for their aging parents, provided however, if they are claimed as a dependent. Unfortunately, hearing aids have always been one of the most expensive out-of-pocket costs for the elder population that is not generally nor has ever been covered by health insurance. InnerScope is breaking all traditional industry barriers by bringing to the market Direct-to-Consumer affordable hearing aids with the latest in hearing technology to the 40+ million Americans that have been denied hearing help due to high cost and accessibility," Mr. Moore concluded.
About InnerScope Hearing Technologies ("INND")
InnerScope Hearing Technologies (INND) is a rapidly expanding consolidator of the hearing aid industry. Management is applying decades of profitable industry experience and technology to an antiquated and disjointed industry, unlocking scale and efficiency, which will serve all of InnerScope's stakeholders. Its direct-to-consumer model is revolutionizing the industry with its Walmart.com relationship representing a paramount shift in the consumption of hearing aids by the hearing impaired.
In addition InnerScope plans to continue to open, acquire, and operate a physical chain of audiological and retail hearing device clinics. InnerScope's mission is to serve approximately 1.2 billion people around the globe that are suffering with 25 db or greater hearing loss across the entire hearing impaired vertical from R&D and manufacturing through direct consumer sales and services. For more information, please visit: www.innd.com
Safe Harbor
This presentation contains forward-looking statements, which relate to future events or InnerScope Hearing Technologies future performance or financial condition. Any statements that are not statements of historical fact (including statements containing the words "believes," "should," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. These forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as result of a number of factors, including those described from time to time in InnerScope Hearing Technologies filings with the Securities and Exchange Commission. InnerScope Hearing Technologies undertakes no duty to update any forward-looking statements made herein.
Contact
InnerScope Hearing Technologies, Inc.
Investor Relations
Info@innd.com
916-218-4100
www.innd.com