Yes. You can use your HSA to pay for therapy or other wellness provider visit.
Your Health Savings Account (HSA) is a great way to pay for healthcare expenses. You can use
it to pay for any qualified medical expenses defined by the CRA.
The CRA defines qualified medical expenses as those generally qualifying for the medical and dental expenses deduction. This includes a wide range of health services:
- Therapy (including mental health counseling)
- Wellness Treatment (including Naturopath, Acupuncture and other wellness treatments)
- Prescription medications
- Dental and vision care
There Are Multiple Benefits Of Using An HSA
From tax benefits to fund investments to paying for qualified medical expenses. You can use HSA to pay for therapy or other wellness provider visits. However, with other health plans, you generally have only a year to spend the money you’ve set aside before you lose it.
Can I Use HSA For Therapy?
Absolutely! HSA covers both in-person and online therapy sessions if the sessions are deemed medically necessary for your mental or physical health.
According to the rule, “Medical or mental health therapy is eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA), and health reimbursement account (HRA). Therapy not required for a medical or mental purpose will typically not qualify, such as marriage or family counseling”.
Can I Use HSA For Other Wellness Provider Visits?
Definitely! You can use your HSA to pay for wellness treatment. It covers all qualified medical, dental, and vision expenses.
Using your HSA to pay for therapy services or wellness treatment is a great way to reduce your out-of-pocket costs. However, to ensure your specific expense is covered, check with your HSA provider for a detailed list of qualified medical expenses.
Disclaimer: The information provided in this blog or in any linked material is not intended and should not be considered a substitute for medical advice, diagnosis, or treatment. For holistic health advice and consultation, visit My Well Self
