Most people in need of chiropractic care are concerned about how to pay for their care. Clients frequently ask:
- What is a Flexible Spending Account or FSA?
- Will it pay for my chiropractic care?
- How much will it cover? and,
- How much money should I put in my FSA for the plan year?
Making informed decisions is the best way for you to move forward and get to the business of treating your pain. You shouldn’t have to forego treatment because you are worried about the cost of chiropractic care and how to pay for it. Know what your options are. An FSA is one of those options to explore! This article will explain what an FSA or Flexible Spending Account is. It will also explain whether or not your FSA will cover the cost of Chiropractic Care. The short answer is yes, but there are limits to an FSA.This article will help you determine how much you should budget for your care for the plan year. You will also be able to know which questions to ask your chiropractor about the costs that will be covered by your FSA and how to plan accordingly.
What is an HCFSA or Health Care Flexible Spending Account?
An FSA is a medical savings account. If you have a health plan through your employer and they offer an FSA, you can use your Flexible Spending Account (FSA) to pay for copayments for doctor visits, prescriptions, and other health care costs, including chiropractic care. If your insurance does not cover chiropractic care, you can still use your FSA to pay for service.
What are the benefits of having a Flexible Spending Account?
Using an FSA can reduce your taxes. A Flexible Spending Account is a special account used to pay for certain medical expenses. This account is money from your paycheck that you elect to set aside for projected medical expenses for the year. This money you decide to deduct from your paycheck is taken out before taxes. In other words, you lower your taxable income by the amount you are setting aside and you will save an amount equal to the taxes you would have paid on this money. Employers may make contributions to your FSA, but are not required to.
How do I use my Flexible Spending Account?
Use your FSA by either charging your services on your FSA credit card (if provided by your employer). If you do not have an FSA card, you can pay on your own and ask your medical provider for a bill with the diagnosis and treatment codes and submit the bill to your FSA administrator for reimbursement. For additional information, ask your employer about how to use your FSA.
- Read more about how FSAs work in this IRS publication (PDF).
- Get complete information on Flexible Spending Accounts from the IRS.
Are there limits to what I can spend on my FSA?
Yes! FSAs are limited to $2,650 per year per employer. If you are married, your spouse can put up to $2,650 in an FSA with their employer too. You can use funds in your FSA to pay for certain medical and dental expenses for you, your spouse if you’re married, and your dependents. You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums. You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor’s prescription. Reimbursements for insulin are allowed without a prescription. FSAs may also be used to cover the cost of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.
What if I don’t use all of the money in my FSA within the year?
You usually must use the money in your FSA within the plan year. However, your employer may offer one of 2 options:
- Your employer may allow a grace period of up to 2 ½ extra months to use the money in your FSA.
- Your employer may allow you to carry over up to $500 per year to use in the following year.
Your employer may offer either one of these options but not both. Your employer is not required to offer either one. If you have questions about carry overs or grace periods, talk to our staff at Precision Spinal Care and they can help you find out if your employer offers either of these options. At the end of the year or grace period, you lose any money left over in your FSA. It’s important to plan carefully and not put more money in your FSA than you think you’ll spend within a year. Our staff at Precision Spinal Care can help you figure out how much you will need for your chiropractic care for the plan year.
REMEMBER
- Know the questions to ask!
- Ask your employer if an FSA is offered.
- Make sure you know how much you will spend throughout the plan year on your medical needs.
- Speak to your chiropractor’s office to help you calculate how much money you should put into your FSA for ongoing treatment.
We understand that you need to explore all your options when you look for expert chiropractic care, and we are happy to get you started by answering all of your questions. Call our office at (757) 382-5555 to set up a consultation. You can also set up an appointment through our webpage.