If you're like most people, you love a good bargain. If you're like most people, you also like to save on taxes.
Health Savings Accounts and Flex Spending Accounts allow you to "write off" qualified medical expenses and can help you to save money. Would you like to learn more? Read on! What are HSA & FSA Accounts? Flexible Spending Accounts Flexible Spending Account (FSA), often referred to as a "flex spending account" or "flexible spending arrangement," is an employer-sponsored benefit program that allows employees to set aside a portion of their pre-tax salary to pay for qualified out-of-pocket medical expenses. Some companies will also make contributions into your account each year, or designated period. Qualified Expenses: FSAs cover a wide range of eligible medical expenses, such as doctor's visits, prescription medications, dental and vision care, medical supplies, and certain over-the-counter items. Some plans may also include dependent care expenses, such as daycare or eldercare costs. However, the rules and eligible expenses can vary, so it's essential to review your specific FSA plan guidelines. Many FSA Plans have a "use it or lose it" clause, usually around the calendar year, but your employer may have a different time period. It's always best to check with your employer's human resources department or directly with the plan administrator to make sure you won't lose your funds. Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged savings account available to people enrolled in a high-deductible insurance plan. HSAs are designed to help individuals and families save money specifically for qualified medical expenses. Contributions: You and/or your employer can make contributions to your HSA. The total contributions are subject to annual limits set by the IRS. Tax Advantages: HSAs offer several tax advantages. First, contributions made to an HSA are tax-deductible, which means they reduce your taxable income. Second, any interest or investment gains earned within the HSA account are tax-free. Finally, withdrawals used for qualified medical expenses are also tax-free. Just like an FSA plan, HSA plans can cover qualified medical services and products. Can HSA & FSA Accounts Be Used for Massage? Now what you really want to know: Can these accounts be used to pay for massage therapy services? The answer is almost always a resounding YES! We have a great number of clients at our clinic in Jacksonville, Florida who successfully use their health savings accounts (HSA) and flexible spending accounts (FSA) to pay for massage therapy. Depending on your plan, you may need a Letter of Medical Necessity from your primary care physician. Make sure to check with your plan for what they require. Some may require receipts with proof that the money was actually spent on massage - which we are happy to provide. The Health Benefits of Massage The great news is that there are numerous health and medical benefits from massage therapy. From physical pain relief to mental and emotional benefits to cardiovascular and immune health benefits - massage therapy is an essential part of your health and wellness plan. Make sure you're saving money on your massage therapy by taking advantage of HSA and FSA savings. Remember, it's best to double-check with your plan if they need any prior documentation from your doctor before booking your appointment. P.S. - Additional Covered Services We also offer acupuncture care and chiropractic care at our clinic in Jacksonville, Florida. These are also HSA and FSA eligible! --- We are pleased to serve the following Florida communities with massage therapy, chiropractic, organic skincare, acupuncture, red light therapy and more: Jacksonville, Orange Park, Fleming Island, Mandarin, Jacksonville Beach, Nocatee, St Johns, Ponte Vedra and more.
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AuthorThe Wellness Hub Center for Massage Therapy, Acupuncture, Organic Skincare and Holistic Health in Jacksonville, Florida. A place for wellness, healing and renewal. Categories
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October 2024
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