Keep in mind not every kind of medical expense is reimbursable. Medicare A and B if you are age 65 or older.Doctor-recommended inpatient treatment for alcoholism and drug addiction.Special equipment installed in your car.Necessary surgery (including necessary reconstructive surgery).Here are some examples of what can be covered with HSA funds: For an individual with family coverage under a high deductible health plan, the contribution limit is $7,750. In 2023, for an individual with self-only coverage under a high deductible health plan, the contribution limit is $3,850. For starters, if you have a high-deductible health plan, you can use a health savings account (HSA) to set aside money to pay for some medical expenses tax-free. In fact, according to recent data from our 2022 Empowering America’s Financial Journey report, the top three things Americans are worried will impact their finances are:Īnd while you can’t necessarily control rising inflation or healthcare costs, you can take steps to help minimize the impact to your personal finances. If you’re worried about healthcare expenses in retirement, you’re not alone. Additionally, the physician must outline how long the treatment will last and another LMN must be submitted if the treatment exceeds the current plan year.A quick guide to the out-of-pocket expenses your health savings account can cover If an account holder has a medical condition that will require massage therapy to be included in a treatment plan, a physician must produce a Letter of Medical Necessity containing a specific diagnosis about how massage therapy will be used to alleviate the issue. However, if a medical professional deems massage therapy as necessary for the treatment of a chronic illness, will aid the recuperation process from a significant injury, account holders will have to obtain a Letter of Medical Necessity (LMN). Massage therapy generally falls under the classification of "general health," which refers to a service or procedure that can provide a boost to a person's overall health and wellness but is not considered a vital treatment to alleviate a specific medical condition. What is the process of massage therapy FSA reimbursement? Sports Massage - Similar to Swedish massage, sports massage specializes in treatment of sports-related injuries, as well as providing a complement to traditional rehabilitation practices.Swedish Massage - This is the most common form of massage therapy categorized by its softer, longer strokes and tapping strokes on the topmost layer of muscles to relieve tension.Deep Massage - By utilizing slower, forceful strokes to target an affected area, deep massage penetrates lower muscle layers to provide therapy to muscles and connective tissue to treat damage associated with injuries.These groupings of muscle fibers are typically formed from injury or overuse. Trigger Point - This technique emphasizes the therapy of "target points," tight areas within muscles that can cause pain in other parts of the body.While there are a variety of massage disciplines and techniques, the most common types are via WebMD: Refers to a manual manipulation of the body's soft tissues to treat a specific medical condition, injury or to enhance an individual's overall health and well-being, and is often considered a complementary and alternative form of medicine ( National Center for Complementary and Integrative Health). Be sure to check with your administrator to confirm if something is eligible before making a purchase. Important Reminder: FSAs, HRAs and other account types listed may not all be the same. From A to Z, items and services deemed eligible for tax-free spending with your Flexible Spending Account (FSA), Health Savings Account (HSA), Health Reimbursement Arrangement (HRA) and more will be here, complete with details and requirements. Here it is - the most-comprehensive eligibility list available on the web.
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