When looking for chiropractic care, most patients are initially concerned about how to pay for it. A Health Savings Account (HSA) is one option for putting pre-tax dollars away for medical care.
At Precision Spinal Care we understand that you are concerned about how to pay for your chiropractic care. Can you use an HSA to pay for your care?
The short answer is yes.
This article will explain what an HSA is and how it works. It also will explain whether or not your HSA will cover the cost of chiropractic care and help you determine how much you should budget for your care for the plan year.
What do I need to know about an HSA?
- What is a Health Savings Account (HSA)?
- Can I get one if my employer doesn’t offer one?
- How much will it cover?
- How much money should I put in my HSA for the plan year?
- What happens to the money if I don’t use it all?
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 HSA is an excellent option to explore!
What Is a Healthcare Savings Account (HSA)?
A Health Savings Account (HSA) is a type of savings account that lets you set aside pre-tax dollars to pay for qualified medical expenses. An HSA can be used to pay for deductibles, copayments, coinsurance, and some over-the-counter expenses.
It also will help lower your overall health care costs because you are using pre-tax dollars, thus reducing your taxable income by the amount of money you put into your HSA.
You can use the funds in an HSA at any time to pay for qualified medical expenses, including chiropractic care. However, you can contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including a Marketplace plan) that only covers preventive services before the deductible.
For plan year 2020, the minimum deductible for an HDHP is $1,400 for an individual and $2,800 for a family. Check with your employer or benefits administrator to see if you have an HDHP. If you view plans in the Marketplace, you also can check if they are “HSA-eligible.”
How much money can I put into an HSA?
For 2020, you can contribute up to $3,550 for self-only coverage and up to $7,100 for family coverage. HSA funds roll over year to year. In other words, if you don’t spend these funds, you do not lose them (as you would with an FSA).
An HSA may earn interest or other earnings, which are not taxable. The money rolls over to the following year. So if you have fewer expenses one year, but have more expenses the following year, you have a cushion to fall back on if you have been putting money away into an HSA regularly. For more information, see IRS Publication 502.
What if I don’t have employer sponsored insurance?
Check with your company first. If they do not offer insurance or an HSA, you can open an HSA through some banks or other financial institutions. Some health insurance companies also offer HSAs.
How much money should I put into an HSA?
Just like with a Flexible Spending Account (FSA), you need to calculate your anticipated expenses for the year. Once you have a conversation with the doctor about your specific chiropractic needs, it’s a good idea to talk to our staff about what you can expect to pay over the year for care.
Since your HSA can be used for a wide range of costs and copays, be sure to add your chiropractic care costs to any other healthcare costs you anticipate for the plan year.
For instance, if you think you will have vision or dental costs during the year, you should add those expenses into the money you set aside in your HSA.
Steps to Using Your HSA to Pay for Chiropractic Care
- Know the questions to ask:
- Does my employer offer an HSA?
- Where can I go to get an HSA if my employer doesn’t offer one?
- How much money should I put in my HSA?
- Talk to our staff at Precision Spinal Care to help you plan for your chiropractic care and add those costs into your HSA calculations for the year.
We understand that you need to explore all your options when you look for expert chiropractic care. At Precision Spinal we are happy to help you determine the best way to address your specific needs.
Call our office at 757-382-5555 to set up a consultation. You can also set up an appointment through our webpage.
Your piece of mind and your spine are our first concerns!
