Depending on your health plans, you may participate in either a Flexible Spending account (FSA) or a Health Savings Account (HSA) program. Below is a explanation of the chiropractic services covered by these programs and to remind you to use your entire FSA budget before the year quickly comes to an end.
Chiropractic services are covered under FSA/HSA
Most people don’t think of chiropractic care being covered by these FSA and HSA programs. Chiropractic care is designed to take care of your body and improve your overall health and quality of life. Aligning your body’s muscles, joints and nerves provides long-term relief and prevents future injuries. Chiropractic services can help aid in pain management and so much more. If you’re experiencing pain and want a natural, drug-free option, use your FSA or HSA for chiropractic services.
The difference between FSA and HSA
Flexible Spending Accounts (also known as a flexible spending arrangement), or FSAs, are a use-it-before-you-lose-it type of program. An FSA is a tax-free account option you put money into that you use to pay for certain out-of-pocket health care costs. FSA accounts are great for routine expenses, like dental cleanings and checkups with your doctor. However, if you don’t use your allocated funds by the end of the year, any remaining funds will go back to your employer.
Health Savings Accounts, or HSAs, are for taxpayers who are enrolled in a high-deductible health care plan. Like the FSA accounts, HSAs are not subject to federal income tax at the time of deposit. However, any unused HSA funds that are unused at the end of the year can roll over to the next year.
What services are covered?
A qualified medical expense is one for medical care as defined by Internal Revenue Code Section 213(d). The expenses must be used primarily to alleviate or prevent a physical or mental defect or illness. Fortunately, many of our services at Optilife fall under these guidelines, including:
Check www.irs.gov for more information on covered expenses, Call us today at (813) 926-9500 to set up your appointment. We offer free consultations and provide safe, beneficial, and well-rounded health care experiences for our patients.