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Maximize Your Health Savings Account (HSA) and Flexible Spending Account (FSA): A Guide to Eligible Health Expenses

Publish Date:

November 06, 2024

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Unlock the Benefits of Your HSA/FSA Account for Health-Boosting Purchases

Are you making the most of your HSA or FSA funds? Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are great tools for saving on qualified healthcare expenses using pre-tax dollars. But many people don’t realize the wide range of health-boosting purchases that qualify. From fitness tools to preventive care essentials, we'll show you how to use these accounts to benefit both your health and your budget. Truemed.com makes it easy for you to take control of your health by simplifying the use of HSA and FSA funds.

Quick Summary:

  • Save on healthcare costs using pre-tax dollars with Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA).
  • Use HSA/FSA funds for eligible expenses like fitness tools, preventive care, and essential health products.
  • Truemed simplifies the process of accessing HSA/FSA funds, helping you maximize your savings and invest in your health.

How Truemed Works

At Truemed, we make it easier than ever to use your HSA and FSA funds for proactive healthcare purchases. Here’s how it works:

  • Pre-tax Dollars: HSAs and FSAs let you set aside pre-tax money for eligible healthcare expenses—helping you save money on taxes.
  • Online Doctor Evaluation: Truemed connects you with a licensed healthcare provider to determine which products or services may help treat, mitigate, or prevent health conditions. No need to schedule a doctor's visit—our online process takes just a few minutes without video calls or appointments.
  • Unlocked Spending: With a Letter of Medical Necessity (LMN) provided by our licensed professionals, you can use your HSA/FSA funds for eligible purchases. This process saves you up to 33% on healthcare costs, with no hidden fees or subscriptions. Truemed's consultation is free, allowing you to get the most out of your HSA/FSA dollars without extra costs.

At Truemed, we know that understanding HSA/FSA eligibility can be complex, but we’ve simplified it for you. Our goal is to make the process easy so you can focus on what matters most—your health.

What Qualifies as an HSA/FSA Eligible Expense?

Understanding Eligible Categories

HSAs and FSAs can be used for a variety of qualified medical expenses, including medical devices, therapeutic equipment, and health services that directly improve your well-being. While items like prescription medications and doctor visits are well-known eligible expenses, many other products, such as fitness recovery tools or ergonomic supports, are also covered.

Eligible expenses fall under categories like medical treatments, preventive health tools, and services that help manage health conditions. To ensure you're maximizing your savings, it’s important to understand the full list of eligible expenses. With HSA/FSA funds, you can buy items that address immediate health needs and help prevent future issues. Remember, some items may require an LMN to qualify for HSA/FSA spending.

To learn more about eligible expenses, check out our related blogs:

How Eligibility is Determined

The IRS decides which products and services are HSA/FSA-eligible based on whether they are considered “qualified medical expenses.” Items that diagnose, treat, mitigate, or prevent health conditions generally qualify. This means many proactive health tools, like blood pressure monitors or cold therapy equipment, may be eligible. Always check with your HSA/FSA provider or refer to the IRS eligibility list before making a purchase.

At Truemed, we simplify this process for you. You complete a quick online survey about your health goals and history, and our medical professionals evaluate your responses. This ensures that only eligible purchases are approved, so you can shop confidently, knowing your HSA/FSA funds are used correctly.

Top Products and Services You Can Purchase with HSA/FSA Funds

Fitness Tools for Health and Recovery

You can use your HSA/FSA funds to buy a range of fitness tools that support both active living and recovery. Products like resistance bands, fitness trackers, and cold plunge tubs are often HSA/FSA-eligible. By using these funds, you can invest in your fitness goals.

At Truemed.com, we are passionate about making proactive health investments accessible. Fitness trackers, for example, are popular for maintaining a healthy exercise routine, while foam rollers and compression gear help with recovery, reducing injury risks.

For more information on using HSA/FSA funds for preventive health and fitness, read our blog, "How to Use Your HSA/FSA for Preventive Health: Eligible Products for Better Well-being."

Preventive Care Essentials

In addition to fitness products, HSA/FSA funds can be used for preventive health essentials. Supplements recommended by healthcare professionals, ergonomic seating cushions, and health monitoring devices like pulse oximeters may be eligible. These items allow you to take proactive steps in managing your health before issues arise.

For example, ergonomic equipment, such as lumbar supports or adjustable desks, can help prevent back pain, especially if you spend long hours sitting. Health monitoring devices like blood pressure cuffs are also useful for tracking health metrics, helping you make informed decisions about your well-being. Truemed.com offers a variety of products that may be eligible for HSA/FSA use, ensuring your proactive healthcare journey is fully supported.

How to Maximize Your HSA/FSA for Year-End Savings

Check Your Remaining Balance

The end of the year is a crucial time for HSA/FSA users, especially those with FSA accounts, as funds may have a use-it-or-lose-it policy. Checking your remaining balance helps you maximize your savings by stocking up on essential items like first-aid kits, health monitors, or other products you’ll need in the coming months.

Planning for Future Purchases

By planning for the year ahead, you can make the most of your HSA/FSA accounts. Budget for items you anticipate needing, such as refilling prescriptions or purchasing health equipment, to spread your expenses effectively. This helps you avoid last-minute spending while ensuring you use these funds on the products that benefit you the most.

Truemed.com makes it easy to plan with a curated selection of HSA/FSA-eligible products that fit your proactive healthcare goals. By leveraging our offerings, you can take control of your health while optimizing your savings.

Where to Buy HSA/FSA Eligible Products

Online Retailers and Physical Stores

HSA/FSA-eligible products are available at many popular retailers. Online options include Amazon, CVS, and Walgreens, which all feature dedicated HSA/FSA shops. Many physical pharmacies and health stores also have sections with clearly labeled eligible products, making in-person shopping just as convenient.

At Truemed.com, we aim to make your experience seamless. Our platform helps you easily identify HSA/FSA-eligible products, giving you peace of mind when shopping for proactive healthcare tools. Shopping with your HSA/FSA card at these retailers can help ensure your purchases are qualified without needing extra verification. Look for online HSA/FSA stores that provide filters to quickly identify eligible products.

Tips for Hassle-Free Purchases

When making HSA/FSA purchases, keep all receipts and documentation, especially for items that may require proof of eligibility. Some items, such as supplements, may need an LMN from a healthcare provider. By staying organized and understanding the guidelines, you can avoid reimbursement issues and confidently make health-boosting purchases.

At Truemed.com, we’re here to help you navigate these requirements easily. Our platform provides resources and support to ensure your purchases meet compliance standards, allowing you to focus on your health.

Conclusion

Your HSA/FSA funds offer a valuable opportunity to invest in your health, from fitness essentials to preventive tools. By exploring eligible expenses and planning ahead, you can make the most of these tax-free accounts and support a healthier lifestyle. Start taking advantage of your savings today, and turn your HSA/FSA into a tool for proactive health investments.

With Truemed.com, you can take control of your health and make sure your HSA/FSA funds are used to their fullest potential. Explore our selection of eligible products and join us in our mission to make proactive healthcare accessible to all.