Health Savings Accounts – HSA’s and Alternative Medicine
Some people live a healthy lifestyle and may seldom use traditional medicine. The low premiums typically associated with Health Savings Accounts (HSA) qualified major medical health insurance plans can help reward people that lead a healthy lifestyle while still providing a level of protection against the unforeseen.
Health Savings Accounts can be used for more than the common covered expenses for things such as doctor fees, dentists, surgeons, many prescription medications, etc. HSA qualified medical expenses may also include fees paid to chiropractors, psychiatrists, psychologists, and Christian Science practitioners.
Massage is a qualified expense if a physician or chiropractor recommends it, but not if someone just decides to seek it on their own. Likewise, Yoga or mind-body programs may count as qualified expenses when an authorized health care provider recommends them, but not when a person self-refers.
Vitamins or nutritional supplements are also covered.
Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction may also be considered covered medical expenses. Play it safe and consult The Broker Network or your employer as these regulations may change from year to year.
Please note that the tax penalty for non-qualified withdrawals from your HSA account is 20%. When in doubt, always consult with a tax professional.
Health Savings Accounts can be used for more than the common covered expenses for things such as doctor fees, dentists, surgeons, many prescription medications, etc. HSA qualified medical expenses may also include fees paid to chiropractors, psychiatrists, psychologists, and Christian Science practitioners.
Massage is a qualified expense if a physician or chiropractor recommends it, but not if someone just decides to seek it on their own. Likewise, Yoga or mind-body programs may count as qualified expenses when an authorized health care provider recommends them, but not when a person self-refers.
Vitamins or nutritional supplements are also covered.
Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction may also be considered covered medical expenses. Play it safe and consult The Broker Network or your employer as these regulations may change from year to year.
Please note that the tax penalty for non-qualified withdrawals from your HSA account is 20%. When in doubt, always consult with a tax professional.