Can you use a HSA for chiropractic?

Discover how you can optimize your health care expenses by using a Health Savings Account (HSA) for chiropractic care.

In recent years, Health Savings Accounts (HSAs) have gained popularity as a way to save money for medical expenses while enjoying certain tax advantages. However, the question arises - can you use a HSA for chiropractic care? In this article, we will explore the ins and outs of using a HSA for chiropractic treatments and cover the latest updates for 2024.

Can you use HSA for chiropractic?

One common query among HSA holders is whether they can utilize these accounts to cover chiropractic services. The good news is, yes, you can use your HSA funds to pay for chiropractic care, provided that it is considered a qualified medical expense by the Internal Revenue Service (IRS). This is a great benefit for those who seek alternative and holistic treatments to address their health concerns.

Chiropractic care focuses on the diagnosis and treatment of neuro-musculoskeletal disorders, emphasizing manual adjustments of the spine and other joints to enhance the body's natural healing process. By aligning the body's musculoskeletal system, chiropractic treatments can offer relief from various conditions, including back pain, neck pain, headaches, and even digestive disorders.

Chiropractors are highly trained healthcare professionals who undergo extensive education and training to provide safe and effective treatments. They use a variety of techniques, such as spinal manipulation, mobilization, and therapeutic exercises, to help restore proper function and alleviate pain.

During a chiropractic session, the chiropractor will assess your condition by taking a detailed medical history, performing a physical examination, and may even order diagnostic tests, such as X-rays or MRI scans, if necessary. Based on their findings, they will develop a personalized treatment plan tailored to your specific needs.

Chiropractic care is not only focused on providing symptomatic relief but also on addressing the underlying causes of the problem. Chiropractors take a holistic approach to healthcare, considering the patient's overall well-being and lifestyle factors that may contribute to their condition. They may provide recommendations on exercise, nutrition, stress management, and ergonomics to help improve the patient's overall health and prevent future issues.

However, it is important to note that not all chiropractic services may be eligible for HSA reimbursement. For instance, certain wellness treatments or preventative care measures, such as nutritional supplements or maintenance adjustments, might not qualify as qualified medical expenses. It is advisable to consult your HSA provider or tax advisor for specific information regarding your situation.

What are the benefits of using a HSA for chiropractic?

Using an HSA to cover chiropractic treatments can provide several benefits. Firstly, if you have a high-deductible health plan (HDHP), you are eligible to have an HSA, and you can contribute pre-tax dollars to your account. This means that the money you put into your HSA is deducted from your taxable income for the year. Not only does this reduce your overall tax liability, but it also allows you to save more money for future medical expenses.

Secondly, the funds in your HSA are invested, providing the potential for growth over time. Unlike a Flexible Spending Account (FSA), which has a "use it or lose it" rule at the end of the year, unused HSA funds roll over from year to year and accumulate. This feature enables you to build a substantial nest egg that can be used for future chiropractic treatments or other qualified medical expenses.

What are the downsides of using a HSA for chiropractic?

While using an HSA for chiropractic care offers advantages, it is essential to consider the potential downsides as well. One of the main drawbacks is that not all chiropractic treatments may qualify as qualified medical expenses under the IRS guidelines. Therefore, it is crucial to maintain proper documentation and receipts to ensure that your chiropractic expenses are eligible for HSA reimbursement.

Additionally, the HSA contribution limits set by the IRS may restrict the amount you can save specifically for chiropractic care. For 2024, the maximum contribution limits are $3,900 for individuals and $7,800 for families. It is important to evaluate your estimated chiropractic expenses and budget accordingly to make the most of your HSA funds.

HSA vs FSA for chiropractic

When considering using tax-advantaged accounts for chiropractic care, it is worth comparing the Health Savings Account (HSA) with the Flexible Spending Account (FSA). While both accounts allow you to use pre-tax dollars for qualified medical expenses, there are key differences to consider.

One significant distinction is that HSA funds roll over from year to year, while FSA funds must be used by the end of the calendar year or during a grace period set by the employer. This carryover feature of HSAs gives you greater flexibility and long-term savings potential for future chiropractic treatments.

Furthermore, HSAs are portable, meaning you own the account, and it remains with you even if you change jobs or health insurance plans. On the other hand, FSAs are typically tied to your employer, and if you switch jobs, you may lose any remaining FSA funds.

Where can you find more information about HSA eligibility for chiropractic?

If you are seeking further information regarding HSA eligibility for chiropractic care, it is recommended to consult reputable sources and professionals. The IRS website provides detailed resources and guidelines related to HSA-eligible medical expenses. Additionally, your HSA provider and tax advisor can offer valuable insights tailored to your specific situation.

Remember, the rules and regulations surrounding HSAs and chiropractic care may evolve over time, so keeping yourself informed of any updated IRS guidelines is crucial. By understanding the benefits, limitations, and eligibility criteria, you can make informed decisions about utilizing your HSA for chiropractic treatments and prioritize your well-being.

In conclusion, as of 2024, you can indeed use a Health Savings Account (HSA) to cover chiropractic care expenses, granted they qualify as qualified medical expenses according to the IRS guidelines. HSAs offer tax advantages and long-term savings potential, making them a valuable tool for individuals seeking alternative medical treatments. However, it is important to stay informed, keep proper documentation, and consult professionals to ensure compliance with IRS regulations. By leveraging your HSA, you can prioritize your health and well-being through chiropractic care.

What do you do if you're unsure?

If you’re unsure, it’s best to consult your HSA provider or a tax professional to confirm expense eligibility. 

What are HSA benefits for employers?

If you’re an employer, there are multiple benefits to offering HSA to your employees, including:

  • Attracting and retaining talent
  • It’s a cost-effective healthcare option
  • Enhances employee satisfaction and productivity
  • Increases the utilization of employee benefits
  • Has tax advantages for both you and your employees

Want to learn more? Check out our blog on what is an HSA

Get started with Forma today

Looking to offer an HSA as part of your employee benefits package? At Forma, we provide Pre-tax Accounts - including HSAs - to companies worldwide. 

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