Insurance, HSA and Flex Spending Accounts
Are programs at I HEART WEIGHTLOSS reimbursed by my insurance company?
Some insurance companies may reimburse for medical weight loss programs. In January 2014, some insurance plans were required to reimburse for weight loss programs that offered counseling (such as our program). Check with your plan administrator for details.
Is I HEART WEIGHTLOSS reimbursable by my Flexible Spending Account (FSA) or Health Savings Account (HSA?)
A health savings account is a tax-exempt account used solely for the purpose of paying for qualified medical expenses. These types of accounts allow owners to save money for any and all health care costs and not have that money taxed – ever (so long as it’s used for qualified medical care costs). If you go about it correctly, your medical weight loss program may very well be exempt. So, how do you “go about it correctly?” According to the IRS, as long as losing weight is a treatment for a legitimate, medically diagnosed disease (such as obesity, hypertension and heart disease), you should be able to write off the expenses. If you’ve been diagnosed with any of these conditions, your weight loss may be covered.
A flexible spending account is another pre-tax program that provides many of the same benefits of an HSA. However, unlike HSAs, FSAs run on a “use it or lose it” basis, and any money you put into the account that’s left over at the end of the year doesn’t roll over – it’s just gone. But, the tax benefits are still there, and very similar – meaning that if you have a medically diagnosed condition that requires you to lose weight, you may be able to write off the expense if taken from your FSA.
Itemized Medical Expense Deduction:
Ask your tax adviser after your initial consultation, and save your receipts from the clinic visits.