InnerScope Hearing Technologies Inc. Launches Two eCommerce Direct-to-Consumer Stores solely Dedicated for the Millions of FS...
November 28 2018 - 7:45AM
InvestorsHub NewsWire
InnerScope Hearing
Technologies Inc. Launches Two
eCommerce Direct-to-Consumer
Stores solely Dedicated for the
Millions of FSA & HSA
Accounts Holders to Purchased Hearing
Aids
InnerScope by
launching its
eCommerce stores is providing
online Direct-to-Consumer access
to the tens of
millions of FSA
and HSA account holders holding
over 45 billion dollars of assets to
purchase hearing aids and related accessories with
Pre-Tax Dollars for their family
and claimed
dependents.
ROSEVILLE, CA
--
November
28,
2018 -- InvestorsHub
NewsWire -- 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
www.FSAHearingAid.com
www.HSAHearingAid.com
www.walmart.com/flexible-spending-account
www.Healthcare.gov
www.devenir.com 2017 HSA Report