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How to Leverage HSAs and FSAs at Wayfinder Physical Therapy

HSAs and FSAs can be a great way to save money on healthcare. By following these tips, you can maximize the benefits of these accounts and save money on your healthcare costs!




What’s the Deal with HSAs & FSAs


HSAs and FSAs empower you to prioritize seeing the providers that you trust while simultaneously saving you money

Healthcare costs weigh heavily on many households, with the average annual premium for employer-sponsored family health insurance hitting a staggering $22,221 in 2022 (Kaiser Family Foundation). Balancing these expenses alongside other financial goals like retirement or saving for education can be a challenging juggle. That's where Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) step in as strategic tools to manage healthcare expenses.


These accounts offer a distinct advantage by allowing individuals to allocate pre-tax funds specifically for healthcare needs. What sets them apart is their liberation from the limitations imposed by certain insurance plans. Unlike standard health insurance plans, HSAs and FSAs grant you the freedom to select your healthcare providers, without insurance dictating who you have to see. This flexibility proves invaluable, because who you see matters when it comes to your health.


Moreover, the tax-saving aspect further bolsters their appeal. By funding these accounts with pre-tax dollars, individuals can not only ease their tax burden but also maximize their healthcare spending potential.


In essence, HSAs and FSAs empower you to prioritize seeing the providers that you trust, without being restricted to "in-network" practices, while simultaneously saving you money by optimizing tax advantages.



What's the difference between an HSA and an FSA?


"Unlike HSAs, FSA funds must be utilized within the plan year to avoid losing them"

HSAs and FSAs serve as tax-advantaged options for covering medical expenses, yet their distinctions are crucial.


HSAs are exclusive to those enrolled in high-deductible health plans (HDHPs). They allow pre-tax contributions, reducing taxable income. HSA funds can also be invested, fostering potential growth over time.


On the other hand, FSAs cater to individuals with HDHPs or plans featuring limited annual out-of-pocket maximums. Similar to HSAs, FSAs enable pre-tax contributions, reducing taxable income. However, unlike HSAs, FSA funds typically must be utilized within the plan year to avoid losing them.


Wayfinder PT's flexibility in accepting both HSAs and FSAs provides you the convenience and freedom to utilize these tax-advantaged accounts for covering your physical therapy expenses. This can be a valuable option if you are seeking effective ways to manage and pay for your healthcare needs, while benefiting from the tax advantages that these accounts offer.


How to set up an HSA or FSA


If considering an HSA or FSA, initiating one is a straightforward process. Typically, this can be done either through your employer or directly through a health insurance provider.


To set up an HSA, you'll need to provide your employer with some basic information, such as your Social Security number and your bank account information. You'll also need to choose a trustee for your HSA. A trustee is a company responsible for managing and investing your HSA funds, and it is part of the setup process to select one.


To set up an FSA, you'll need to provide your health insurance company with similar basic information. You'll also need to choose a plan design, which outlines the regulations governing the utilization of your FSA funds, and is a requisite step in the setup.


How to use an HSA or FSA


Having an HSA or FSA streamlines covering qualified medical expenses, encompassing various healthcare needs like doctor's visits, prescriptions, and even physical therapy sessions.


When it comes to using your HSA or FSA for physical therapy expenses, obtaining a receipt from your physical therapist—something routinely provided at Wayfinder Physical Therapy—becomes essential. This receipt serves as documentation for your reimbursement.


Submitting this receipt to your HSA or FSA administrator facilitates reimbursement for the incurred expense. Alternatively, utilizing a physical HSA or FSA card enables direct payment for your physical therapy costs, offering convenience and ease of transaction.


At Wayfinder Physical Therapy, we prioritize your convenience in managing medical expenses. That's why we seamlessly integrate Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) into your therapy journey.


When you visit, you’ll obtain a receipt—a routine part of our service— hassle-free (unlike some other healthcare providers). We understand the importance of smooth transactions, which is why submitting this receipt to your account administrator is straightforward and sets the stage for quick reimbursement.


For an even more effortless experience, if you possess a physical HSA or FSA card, you can directly cover your physical therapy costs through my payment system. This convenience is part of my commitment to making your therapy sessions as seamless and stress-free as possible. At Wayfinder, we're dedicated not only to your physical well-being but also to ensuring a smooth financial journey throughout your treatment.


My Top Tips for using HSAs and FSAs


Here are a few tips for using HSAs and FSAs:


  1. Contribute the maximum amount: The contribution limits for HSAs and FSAs are set by the IRS. If you're eligible to contribute to either account, be sure to contribute the maximum amount.

  2. Invest your HSA funds: If you're not planning on using your HSA funds right away, you can invest them. This can help your money grow over time.

  3. Use your funds wisely: When you use your HSA or FSA funds, be sure to keep track of your expenses. This will help you avoid overspending.

  4. Roll over your HSA funds: If you have money left in your HSA at the end of the year, you can roll it over to the next year. This will allow you to continue to save money on healthcare expenses.

  5. Be sure to use all of your FSA funds: If you have money left in your FSA at the end of the year, it does not roll over. This is important to keep in mind as the year comes to a close.



HSAs and FSAs can be a great way to save money on healthcare. By following these tips, you can maximize the benefits of these accounts and save money on your healthcare costs! 


Our Two Cents


At Wayfinder Physical Therapy, we strive to empower your healthcare journey every step of the way. Utilizing your Health Savings Account (HSA) or Flexible Spending Account (FSA) for your therapy sessions is not just about convenience—it's about maximizing the benefits available to you. 


Our commitment to serving the greater Charleston area with seamless care extends to helping you navigate the financial aspect of your treatment effortlessly. Wayfinder PT is designed to meet every stage of motherhood, by providing in-home appointments, financial flexability, and skilled PT for everything motherhood might throw at you.  


Schedule your session today and discover how we can partner with you in achieving your health goals while optimizing your tax-advantaged accounts. Your well-being matters, and we're here to support you, physically and financially! 



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