Yes, HSA and FSA accounts generally approve spending for medical appointments with a naturopathic doctor and specialized lab tests.
Is my at-home health tests authorized by a physician?
Yes - so it fits the guidelines for most HSA/FSA coverage.
How can I take advantage of my Health Savings Account?
If you have a particularly rigorous plan, it is best to check with your own plan to verify before purchasing. Please let them know you will be purchasing an at-home medical test.
According to the Affordable Care Act, the primary care services provided by your naturopathic doctor should be covered by PPO insurance plans.
Most employer-offered high-deductible health plans are paired with a tax-free Health Savings Account (HSA). You can set one up yourself too – if you are shopping for a new plan make sure it is “HSA compatible.” In 2017, you can contribute up to $3,400 pre-tax by having funds automatically deposited into your HSA from your paycheck.
Depending on your tax bracket, that can be a 35% savings right away. Employers often match contributions, leading to further savings. HSA funds are also tax-free when you withdraw the funds, and the money is yours to keep if you don’t spend it all that year. Money in your HSA can be used to pay for qualifying medical expenses, including medical appointments with your naturopathic doctor, lab tests, prescribed supplements, over-the-counter products, and other medically necessary prescribed services (for instance, massages for back pain). Some HSAs provide a debit-like card, others require you to submit receipts for reimbursement.
How can I take advantage of my Flexible Spending Account?
Flexible Spending Accounts (FSAs) are much like HSAs, except you are at risk of losing your contributions by the end of the year. Even so, they can be a good idea if you know how to budget your healthcare expenses. For example, you know the cost of visits to your doctor, plus you estimate you will need a massage every other month to manage chronic neck pain and you know you will be taking a multivitamin and two other supplements to prevent future disease and manage your cholesterol. With that knowledge, you can have pre-tax contributions added to your FSA from your paycheck.
If you'd like to talk to us in more detail about your account, please reach out to us.