A health savings account (HSA) can help you manage rising healthcare costs. They cover a wide range of qualifying medical expenses like doctor's visits, prescription medications and even over-the-counter care products. The IRS dictates what you can use an HSA for without tax implications. Following those guidelines to a tee can help you make the most out of your HSA savings account. Secure Your Financial Future with an HSA Savings Account - Start Saving on this Website Now!
But what if you want to try a more experimental service like acupuncture? Can you use an HSA to cover it?
What is Acupuncture?
Acupuncture has been around for thousands of years, and it's a form of an alternative method that some healthcare providers recommend alongside other treatments. The process involves inserting sterilized needles at specific points throughout the body to stimulate the central nervous system. It's said to relieve discomfort and address symptoms for many conditions, including:
- Neck pain
- Headaches and migraines
- Osteoarthritis
- Menstrual cramps
- Chronic pain
- Chemotherapy-induced ailments
- Postoperative pain
- Fibromyalgia
- Hypertension
Acupuncture and HSA Eligibility
You don't see acupuncture as a primary treatment in hospitals and medical offices. Typically, you must visit specialized care providers and clinics to get acupuncture. So how does this alternative treatment fall under the umbrella of qualifying expenses?
Whether you can use your HSA to pay for acupuncture depends on if a medical care provider prescribes it. If you visit a clinic of your own volition without medical guidance, it likely won't be a qualified medical expense. Therefore, you can't use your HSA. If you do, you'll have to pay taxes on the distributed amount.
The exception is when your doctor prescribes it. Typically, HSA providers require a few pieces of information from your medical care provider to ensure it's a qualifying expense. That includes details on the medical necessity of acupuncture, how frequently you need it and how long this treatment plan will last.
If your doctor provides the prescription information, it's considered a qualifying expense. You can use your HSA savings account to pay for every session. Similar rules apply to alternative treatments like massages.
Read a similar article about investing your HSA here at this page.