Today we want to answer a question we get from many people who contact us around this time of year.
Q: Can I use my HSA or FSA account for purchasing personal training?
A: Let me start by giving you a little background on what HSA and FSA stand for. I am going to answer as generally as possible because there are a multitude of scenarios. Please check your plan in order to determine what statements apply to you.
FSA – Flexibile Spending Accounts
FSA – Flexible Spending Account (or Flexible Spending Arrangement) is non-taxable account that you put money into throughout the year to pay for some out-of-pocket health care costs. It can be used for medical expenses. FSA’s typically have a maximum contribution of $2,500 per year, and generally has to be used by the end of your enrollment year. At times you are able to carry over an amount (up to $500) or extend the time (2 1/2 extra months). but you need to check with your employer to find out what rules apply to you. Essentially, you need to have a good idea how much you expect to spend throughout the year so you don’t lose what you invest into you FSA.
HSA – Health Savings Account
HSA – Health Savings Account is also a non-taxable account that you can withdraw from for qualified medical expenses. These plans are becoming more popular because of the rising cost of insurance premiums. Many people choose this route to lower their monthly insurance payments, but still have money to put aside in case a medical emergency occurs. I personally don’t know of any limitations on how long you have to use it, but I do believe there is a limit to how much you can contribute each year.
Using HSA or FSA for Personal Training
Using an FSA or HSA for personal training services is possible, but it has to be done properly. If you want to hire a personal trainer to help you lose 5 or 10 lbs, I personally believe you could get yourself in trouble very quickly. For instance, the penalty for using an HSA inappropriately is a 20% tax penalty on the inappropriate goods purchased. But it’s not all bad news. We have several clients who use our services and pay with either an FSA or HSA account. Many of them have a goal of weight loss, but they also have another condition that is made worse by excess weight (diabetes, high blood pressure, arthritis, back pain, knee pain, etc…). Medical Fitness Pros is also recognized as a facility that can work with medical conditions by insurance carriers. So the answer is, YES! you can use your HSA or FSA for personal training at Medical Fitness Pros.
I have one last point I want to make. Just because we can take HSA and FSA accounts does not mean that you are automatically allowed to. We do have restrictions so we will never abuse the system. We do musculoskeletal screenings, consult with your physician to let them know the plan you are going to work on, and complete paperwork on an ongoing process to keep track of your progress. Because of the screening process that we use, our communication with your physician, and our focus on making sure you are using your HSA or FSA appropriately, you can use your flexible spending account with us, but.
If you have some money left in your HSA or FSA this year and you would like to see about the possibility of using it for personal training services, contact us. We would love to find a way to help you improve your health and we are so glad that HSA and FSA accounts are eligible for those who need it. Contact us today to find out more information by calling 281-500-6055 or filling out the form below.