“Can You Use HSA for Chiropractic?” Yes, you can. Actually, you should use HSA for any kind of chiropractic care. There are several reasons, but the most important is that it will help save your money on healthcare by setting pre-tax dollars aside.
There are several key aspects that directly or indirectly answer the question we initially asked. We will discuss everything from hook and line to sinker on HSA regarding chiropractic. Stay tuned and start using this powerful financial tool right away for chiropractic care.
What Is an HSA?
Well, there can be many ways to define HSA or Health Savings Accounts. The simplest way to understand: in the case of qualified health care costs, it is an amount of money that you won’t have to pay tax for. If you are still finding it difficult to understand, see what Govt. Healthcare website says,
“A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. HSA funds generally may not be used to pay premiums. An HSA may earn interest or other earnings which are not taxable. Banks, credit unions, and other financial institutions offer HSAs.”
How Health Savings Accounts Work
Health Savings Accounts save money spent on taxes for earned interest on your savings. Then, it transforms into useful amounts to use for qualified medical costs. The health savings account lets you set aside money pre-tax to pay for medical expenses. You may be able to lower your healthcare costs by using untaxed dollars in an HSA. Eventually, you can use the money to pay for deductibles, copayments, coinsurance, and some other expenses.
Can You Use HSA for Chiropractic Care?
Yes, you can use HSA funds for chiropractic care. The IRS (Internal Revenue Service) considers spending on chiropractic care a qualified medical expense. But the important thing to remember is that, you can only avail it if you are seeking chiropractic for a specific medical condition or for preventative measures. The chiropractic care that HSA covers is as below
- Chiropractic Adjustments: Chiropractic care such as spinal adjustments for joint pain, back pain, and chronic pain.
- Examinations: Initial and follow-up visits to chiropractic practitioners for diagnosis.
- Therapies: Chiropractic treatments like massage, heat therapy, and physical therapy that are provided by a licensed chiropractor.
There are a few pieces of documentation you would need to withdraw the required amount from HSA,
- Receipts: You would need receipts as proof of payment for chiropractic services.
- Invoices: Bills with the details of chiropractic services provided by the practitioner or center.
- Medical Records: Sometimes, medical records are required to prove the medical conditions before chiropractic treatments.
What Are the Benefits of Using Your HSA to Pay for Chiropractic?
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Tax Savings
Contributions to your HSA plan reduce your taxable income. Withdrawals for qualified medical expenses are tax-free.
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Flexibility and Control
You can choose any licensed chiropractor, like The Brost Clinic, with a HSA plan. You have control over how and when to use your HSA funds for chiropractic treatment care.
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Improved Health Outcomes
Regular chiropractic care, without fear of spending money unplanned, unlocks non-interrupted treatment of your problems. Consequently, it helps prevent serious health issues and maintain overall mental and physical well-being.
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Budget Management
You can pay for chiropractic care with money saved by HSA. Using HSA funds helps cover costs without affecting your current budget and keeps your medicare budget tight and practical.
What Are the Downsides of Using an HSA for Chiropractic?
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Contribution Limits
There is an annual limit on how much you can add to your HSA per year, which might not be enough for all your healthcare expenses.
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High-Deductible Health Plan Requirement
You must have a high-deductible health plan (HDHP) for an HSA loan, which means you pay more out-of-pocket before your insurance starts to help.
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Fund Accessibility
If your HSA doesn’t have enough sufficient funds, you might not be able to cover all your chiropractic expenses.
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Record-Keeping Responsibility
You need to keep detailed records of your medical expenses to show that your HSA withdrawals are for qualified medical costs in case of an expense audit.
HSA vs FSA for Chiropractic Treatment
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HSA (Health Savings Account)
- Rollover Feature: HSA funds don’t expire; you can keep them in a savings account for as long as you want.
- Investment Opportunities: You can invest HSA funds, and they grow tax-free.
- Flexibility: You can continue your HSA plan even if you change health plans or jobs.
- High-Deductible Health Plan (HDHP): You must have a High-deductible health plan to open an HSA, which spontaneously promotes a healthy insurance plan with a high deductible.
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FSA (Flexible Spending Account)
- Use-it-or-Lose-it Rule: FSA funds usually expire year to year. Therefore, you must reopen an account every year.
- No HDHP Requirement: You don’t need to have an HDHP to participate in an FSA.
- Employer Control: Your employer controls the FSA plan and sets the rules.
- Annual Election: You decide at the start of the year how much money to put in your FSAs.
Which Is Better for Chiropractic Care?
An HSA is better if you want to save money long-term, invest, and have flexibility in spending your money according to your needs.
FSA is better if you prefer not to have an HDHP and want immediate access to funds, but be mindful of utilizing your savings within a fixed time frame.
Where Can You Find More Information About HSA Eligibility for Chiropractic?
- IRS Resources: IRS Publication 502 is an authoritative source of information as this is a government website.
- HSA Administrators: As HSA is a savings account, concerned banks can help you with resources to learn more clearly about HSA.
- Chiropractic Clinics: If you already have an HSA, chiropractic clinics can help you use the savings on chiropractic visits and care. An expert finance team can provide you with the necessary information.
- Online Forums and Financial Advisors: A simple Google search can help you with that. There are many online forums, like Reddit or Quora, where people with experience in using FSA can give you practical ideas about the process.
What Do You Do If You’re Unsure?
- Consult with Your HSA Administrator: HSA administrators can help you to take the correct steps. Certainly, without health insurance, you can’t open an HSA, so your insurance company is your first point of query. If you are not satisfied, you can contact a bank that provides HSA service.
- Speak with Your Chiropractor: Effectively communicating with your chiropractor clinic will help you to find out the right way. As they deal with many patients, they have a clear idea about the process.
- Review IRS Guidelines: websites are regulated by government officials. So, the IRS guidelines published on authorized websites can make the path smoother for you.
- Seek Professional Advice: Taxation or Finance Law professionals can also help with their expertise in law and financial knowledge about opening or your eligibility for HSA.
Conclusion
Utilizing an HSA for chiropractic care has several benefits. HSAs allow your savings amounts to roll over yearly, grow tax-free, and stay as safe as medicare funding. This makes HSAs a better choice for covering chiropractic expenses.
By using your HSA, you can save on taxes and keep your healthcare costs manageable. Here at The Brost Clinic, our expert chiropractors can help you get better and at the same time, assist you in covering the cost with HSA if you have any. However you pay for our affordable services though, we aim to provide the best natural solution to your musculoskeletal problems. Call us today!