Are fitness tracker HSA eligible? The Surprising Reality

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Are fitness tracker HSA eligible? Surprising Realty reveals the facts about whether you can use your Health Savings Account (HSA) to purchase fitness trackers. Pedometers and other wearable electronic health devices are essential supplements to people in this digital period. Because of the information they give about people’s health. However, one may frequently wonder whether they can buy marijuana using Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). This article will concentrate only on steps one needs to undertake to ensure one can use HSA for fitness tracker purchases.

Table of Contents

What is an HSA?

One particular kind of savings account designed specifically for use by individuals with high-deductible health plans (HDHP) is the Health Savings Account (HSA). Because pre-tax contributions cover QMEs that aren’t taxable, they lessen the remuneration’s frightening tax implications and withdrawal. HSAs allow anyone who needs money to manage their medical expenses because the owner owns the account and the money is carried forward annually.

Are fitness tracker HSA eligible?

At the same time, it can be stated that there are no fitness trackers of any kind that can be purchased with the help of an HSA. As per the standard set by the IRS, fitness trackers do not come under the category of federal criteria for medical care. But the good news is that it is possible to make them qualify for it through a letter of medical necessity, LMN for short.

Letter of Medical Necessity (LMN)

You would need a doctor’s Letter of Medical Necessity to add a fitness tracker to this list for HSA reimbursement. In this letter, it is also necessary to describe the tracker’s status as a medical device that can be used to treat or manage individual ailments.

When placing a fitness tracker in the HSA reimbursement, you often require a Letter of Medical Necessity from a state-licensed medical professional. This letter must state that the device can be prescribed for the treatment or supervision of a particular disease.

Key Components of an LMN:

Here is a list of key components of LMN:

Patient Information: The letter should have the patient’s name and other pertinent information.

Medical Condition: Presentation of the disease or illness that is being targeted or treated or under observation.

Treatment Plan: Explanation of how the fitness tracker will fit into a patient’s treatment.

Medical Necessity: the tracker is needed for the overarching patient management and care.

Provider Information: This includes the healthcare provider’s name, qualifications, and their signature.

After receiving this letter, you can attach it to your purchase receipt and submit it to your HSA administrator, claiming reimbursement.

List of various fitness trackers that can qualify:

While many fitness trackers can be purchased with HSA funds if accompanied by an LMN, some devices are more likely to be accepted due to their functionalities:

Fitbit Devices: Some Fitbit models include features such as the heart rate monitor or any health metric considered medically essential.

Garmin Wearables: Some Garmin devices that track health conditions may also be considered if accompanied by an LMN.

Oura Ring: It can be prescribed by a doctor for specific health issues because, first and foremost, it is a sleep/wellness tracker.

Process Guide for Procuring a Fitness Tracker with HSA money:

Consult Your Healthcare Provider: Explain your medical circumstances and how a fitness tracker may help you with the treatment.

Request an LMN: Please, kindly request your provider to complete the Letter of Medical Necessity, providing all obligatory information.

Purchase the Tracker: Unfortunately, fitness trackers are health IT, so you need to pay for them using your HSA debit card or pay for it and then submit a claim later.

Keep Documentation: Keep a copy of the LMN and the receipt of the purchase for your reimbursement.

Not All Trackers Will Qualify:

It is, therefore, important to point out that not all fitness trackers will be recommended by the healthcare profession. The product-claim relationships that may not have strong evidence and are not viewed primarily for medical uses will not qualify. Hence the need to check whether the device you want to purchase has functionalities that will meet your health needs.

Changes in Regulations:

When it comes to deciding what expenses are appropriate for the claim, these guidelines may also differ. As a result, it is advised that you periodically check the website to see if there are any updated itemized lists from your HSA provider or the IRS.

Conclusion:

Therefore, while fitness trackers are not on the HSA-eligible purchase list, you can make them eligible for use of HSA money by getting a Letter of Medical Necessity from your doctor. This pathway enables people to use their tax-favored dollars efficiently and to address particular health issues. It is always advisable to seek advice from your doctor on the appropriate need to use such devices for your treatment and preserve documents required for reimbursement.

FAQs

Can I use my HSA to purchase a fitness tracker for a family member?

However, the HSA itself can be used to purchase a fitness tracker for a family member. It has to be for health purposes, and the product has to be recommended by a doctor.

Are there any limitations on the type of fitness tracker that can be reimbursed through an HAS?

Yes, there are limits. Wearable devices aimed at general health or fitness do not count. It also has to be approximate in cost to other medical devices widely used in the present market.

How do I claim a fitness tracker as an eligible HSA expense?

If you want a fitness tracker, you should apply to your HSA plan with the request. It requires a doctor’s letter, a receipt, and insurance information. The plan will then conclude whether it is eligible for the plan or not.