We often get questions at our office about insurance coverage for chiropractic care. Here at Body In Motion we're not currently "in-network" for any private insurance plans; however, that doesn't mean that you can't take advantage of health savings programs to cover the cost of your care. Many insurance plans and coverage programs these days either include or are eligible to be linked with a Health Savings Account (HSA) or a Flexible Spending Account (FSA). Recently, we sat down with Joel Lee from HealthMarkets to find out more about how you can make the most of your health savings dollars.
According to Joel, more and more people are now enrolled in what are called high-deductible health plans (HDHPs). These plans often allow for lower premium rates by setting a deductible amount that must be reached before the insurance coverage kicks in. To make up for those increased out-of-pocket expenses, these plans are often linked with, or allow for the members to set up an HSA or FSA. Funds that you contribute to an HSA or FSA are not subject to federal income tax and can be used for qualified medical expenses. Each year the IRS gives a detailed account of what you can and can't spend your HSA or FSA money on. Much of it is predictable; however, there are a few surprises that we learned when talking to Joel.
First off, many different kinds of therapy including Chiropractic and Acupuncture can be paid for with funds from your HSA or FSA. Unfortunately; however, Joel did tell us that even though we often prescribe exercises and fitness programs for the overall health and wellness of our patients, gym memberships are not considered eligible expenses.
We were pleasantly surprised to learn that you can pay for not only the cost of corrective eye-glasses or contact lenses, but also the solution and supplies required to keep those lenses clean. Other over-the-counter items that qualify include bandages and elastic support wraps, first aid supplies, reading glasses and brail books & magazines. For a more detailed list of what you can and can't use your HSA or FSA for, check out Publication 502 and Publication 969 on the IRS website.
If you have more questions about HSAs and FSAs, or to find out if your plan qualifies, you can reach out to Joel to have him take a look at what you have and make suggestions on ways you can improve your coverage. For those of you who already have an HSA/FSA set up, make sure to let us know the next time you're in for an appointment so that we can bill your invoice to the correct account.