Are you looking to lose weight, save money, and utilize your Health Savings Account (HSA), Flexible Spending Account (FSA) or Health Reimbursement Account (HRA)?
Whether your physician prescribed you a weight loss program or you are looking to lose some weight on your own, the Solstice Health Medical Weight Loss Program and food is a qualified expense for you to use funds from your pre-tax accounts. By utilizing the tax advantages of your health expense account, you can lose weight and save money.
We receive many questions on utilizing your health flex spend accounts for our weight loss program. Here are some questions and answers to help guide you through this process.
Q. What is the difference of an HSA, FSA and an HRA account?
A. FSA-Flexible Spending Account or (Flexible Spending Arrangement) is a non-taxable account that you put money into throughout the year to pay for some out-of-pocket health care costs and medical expenses. FSA’s typically have a maximum contribution of $2,500 per year, and usually 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 (21/2 additional months). It is always a good idea to check with your employer to understand what rules apply specially to your account. Keep track of what you plan to spend throughout the year so you don’t lose what you have invested into your FSA.
HSA- Health Savings Account is also a non-taxable account that you can withdraw from for qualified medical expenses. Due to the increasing rates of health insurance premiums, many people choose this option to lower their monthly insurance payments, while still having money to put aside in case of a medical emergency. Unlike a Flexible Spending Account, your HSA balance rolls over from year to year, so you never have to worry about losing your savings.
HRA- Health Reimbursement Account is an employer funded, tax advantaged employer health benefit plan that reimburses employees for out-of-pocket medical expenses and individual health insurance premiums. The HRA allows the employer to make contributions to an employee’s account and provide reimbursement for eligible expenses. An HRA allows employees to pay for a wide range of medical expenses not covered by insurance. HRA balances may roll over from one year to the next. An employer may limit what expenses are eligible under an HRA plan.
Q.Can I use my HSA, FSA, or HRA account for the Solstice Health Medical Weight Loss Program?
A. Yes. Our weight loss program is a medically supervised weight loss program and is eligible as a qualified medical expense for HAS, FSA and HRA (check with your employer on what is deemed a medical expense in accordance with the HRA account). Many popular commercial diets on the market often do not cover the weekly food expenses as they are deemed a medical expense. The entire Solstice Health weight loss program including; start-up fees, vitamins, weekly weigh-ins, telemedicine services throughout program, personal digital tools, and all food throughout the duration of the program is considered an eligible medical expense covered through an HSA, FSA and most HRA accounts.
Q.Will Solstice Health submit my HSA, FSA and/or HRA paperwork for me?
A. No. Solstice Health will not submit your paperwork and will not know that you have requested reimbursement under any plan unless you choose to share that information. We are happy to assist you through the submission process.
Whether you are looking to utilize your FSA, HSA, HRA account to lose weight or looking to lose weight without, we can help you achieve your weight loss goals. We would love to help you improve your health today! Contact us today to find out more information on our medical weight loss program.