While there are federal regulations in place, employers and plans may have their own rules and restrictions. The short answer is yes, HSA/FSA rules vary by plan and employer. Health club memberships or fitness equipmentĭo HSA/FSA Rules Vary by Plan and Employer or Are They Government Regulations? Non-prescription medications, such as vitamins or supplements (unless prescribed by a doctor) While HSAs and FSAs can be used for a wide range of health-related expenses, there are some items that are not eligible for payment. What Are Some Health Products That HSAs/FSAs Cannot Be Used For? Additionally, customers who successfully claim reimbursements for your products or services may be more likely to recommend your business to others (HSA Store, 2021). ![]() By making the process more convenient for customers, you can differentiate your business from competitors that may not provide the same level of support. Providing documentation for HSA or FSA claims demonstrates a commitment to customer service and can help build trust and loyalty. ![]() This can lead to a smoother experience for customers and may encourage them to return for future purchases or services (Forbes, 2018). Having the necessary documents readily available can reduce the likelihood of claim denials or additional requests for information from the customer's HSA or FSA administrator. Streamlining the Reimbursement Processīy providing documentation, you can help your customers easily submit their claims for HSA or FSA reimbursement. Prescription: For over-the-counter (OTC) medications, customers may need a prescription from their healthcare provider to prove that the medication is a qualified medical expense (Optum Bank, 2021). Explanation of Benefits (EOB): For services covered by insurance, customers may need an EOB from their insurance company, which shows the amount that was not covered by insurance and is eligible for reimbursement.Ĭ. Receipts: Customers need an itemized receipt or invoice that clearly lists the product or service provided, the date, and the amount charged. Types of DocumentationĬustomers may need different types of documentation to submit claims for HSA or FSA reimbursement. However, the IRS does not require providers to supply this documentation (IRS, 2021). According to IRS guidelines, customers must keep records of their HSA and FSA expenses to prove that the funds were used for eligible medical expenses. The Internal Revenue Service (IRS) regulates the use of HSAs and FSAs in the United States, setting rules and guidelines for eligible expenses and documentation requirements. Some plans may require additional documentation, such as itemized receipts or letters of medical necessityĭo you have to provide documentation for customers to submit for their Health Savings Account (HSA) or Flexible Spending Account (FSA) reimbursement? While it is not legally mandated for providers to supply documentation, doing so can enhance customer experience by streamlining the reimbursement process. However, it's generally recommended that customers keep receipts and other documentation to prove that the expenses were eligible for payment. In short, documentation requirements for HSA/FSA payments vary by plan and employer. Over-the-counter medications, such as pain relievers and allergy medicineĭental work, such as cleanings, fillings, and bracesĭo I Have to Provide Documentation for Customers to Submit for Their HSA/FSA? Medical equipment, such as crutches or wheelchairs Wearable health technology devices, such as fitness trackers or smartwatches This is just a few examples of digital health products and services that can be purchased with HSA/FSA funds: However, it's important to understand the rules and regulations surrounding these accounts. Offering HSA/FSA payment options can increase customer satisfaction and loyalty, as well as provide tax benefits for both the customer and the business. HSAs are available to those with high-deductible health plans, while FSAs are typically offered as an employer benefit. ![]() HSAs and FSAs are tax-advantaged accounts that allow individuals to set aside pre-tax dollars to pay for eligible health expenses. HSA/FSA 101 for Digital HealthĪs a digital health business owner, you may be interested in offering HSA/FSA payment options to your customers. Additionally, we will examine peer-reviewed studies to provide evidence for the benefits of HSA/FSA payment options for digital health businesses. We will also discuss documentation requirements, products that are not eligible for payment, and whether HSA/FSA rules vary by plan and employer or are government regulations. In this article, we will provide an overview of HSA/FSA eligibility and contribution limits, along with the products and services that can be purchased with these accounts. ![]() HSA/FSA payment options are a valuable tool for digital health business owners and their customers. Can customers pay with an HSA/FSA? That is the question.
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