¿Cómo puedo usar los fondos de la HSA y la FSA para ahorrar? Dr. B

Key points:

1. You can pay for telehealth consultations with HSA/FSA funds. If you have an HSA card, you may be able to use it upon checkout. Or you can pay with another method and reimburse yourself from your HSA/FSA account. 
2. Medical weight loss is a qualified medical expense. So you can pay for Dr. B’s holistic prescription weight loss program, Shed It, with your pre-tax funds.
3. Some services that benefit general wellness also treat medical conditions. If you use fitness or massage for medical purposes, Dr. B may be able to help you get the documentation needed to qualify related costs as medically necessary so you can save with your HSA/FSA funds!

Healthcare costs will rise significantly for many this coming year. Dr. B exists to make healthcare access more convenient and affordable. So we’re constantly looking for ways to loser costs for our patients.

One of the ways we help is by maximizing your Health Savings Account (HSA) and Flexible Spending Account (FSA) savings. With these powerful savings accounts, you can save up to 40% off healthcare costs. But they can be complicated to understand and access. So you may miss out on vital savings—or find yourself in a paperwork nightmare come tax time!

Here, we’ll detail how you can use HSA/FSA funds to save on our services and elsewhere!

First, what are HSAs and FSAs?

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are savings accounts used exclusively for medical expenses. They’re called tax-advantaged accounts because the money you deposit into them is not subject to income tax. That means you keep the portion of your income that would otherwise go to taxes.

For example, if you pay 20-40% of your income in taxes and deposit $4,000 into your account, you save $800-$1600 on your tax return! This increases your purchasing power for medical care!

You can open an HSA if you have a high-deductible health plan (HDHP) through your work or via the public health insurance Marketplace. FSAs are available if you get insurance through work and your employer sets one up as a benefit.

Learn more about the difference between HSAs and FSAs in this Dr. B article.

What items qualify for FSA/HSA eligibility?

The IRS determines which qualified medical expenses can be paid with HSA/FSA funds. Items and services generally fall into two categories: those used solely for healthcare purposes, and those used for both healthcare and general wellness.

Healthcare items and services include doctor copays for in-person visits, blood work costs, eye exam fees and eyeglasses, prescription medications, first aid items, family planning products and more. When purchasing these, you can pay directly with HSA/FSA funds.

Then, there are things that benefit general health and help manage medical conditions. For example, a massage is an excellent wellness tool for a healthy person. But for someone with fibromyalgia or rheumatoid arthritis, a doctor may recommend a massage to help treat the patient’s pain.

Only in the latter circumstance can the cost of the massage be paid for with HSA/FSA funds. In that case, the patient must have the doctor detail the condition and recommendation in a Letter of Medical Necessity. With that letter, the patient has the documentation needed should the IRS question the payment.

Learn more about Letters of Medical Necessity in this Dr. B article.

Can I use HSA funds for telehealth visits?

Because Dr. B provides telehealth services with licensed providers, you can use your pre-tax funds to pay for our convenient AI consults and video consults! Depending on your HSA/FSA administrator, you may be able to pay directly with an HSA/FSA card when checking out. If you pay with another method, you can submit the receipt to your HSA/FSA administrator for reimbursement.

How else can Dr. B help unlock healthcare cost savings?

We love helping patients unlock these cost-effective savings accounts. One way we do that is by helping you get a Letter of Medical Necessity online to qualify medical costs.

As we cover in this Dr. B article, exercise expenses like fitness classes and gym memberships do not automatically qualify as HSA/FSA-eligible medical expenses. But if exercise helps you manage asthma, back pain, chronic fatigue, arthritis, migraine or many other conditions, you may be able to start saving money on those fees!

All you have to do is take a $15 AI consult. If your condition qualifies, a licensed provider will email your Letter of Medical Necessity within a few hours!

Similarly, if you’ve been diagnosed with chronic pain, a sleep disorder, or another medical condition, you may qualify for a Letter of Medical Necessity for massage therapy fees! Take a $15 AI consult. If you quality, your letter will be valid for an entire calendar year of treatment!

Sources:

Health Insurance Marketplace. (2023). What’s a health savings account?

Internal Revenue Service. (2023). Administrative, procedural, and miscellaneous tax forms and instructions. 26 CFR 601.602.

Internal Revenue Service Department of the Treasury. (2023). Publication 502: Medical and dental expenses.