Unlock Your Health and Wealth: Harness the Power of HSAs and FSAs for Optimal Well-being

Introduction:

At Positivi-T Adventure & Wellness Coaching LLC, we are dedicated to helping individuals embrace the power of physical activities outdoors, mindfulness practices, and conscious nutrition to improve their overall well-being. We are excited to announce our partnership with Truemed, which allows you to utilize your Health Savings Account (HSA) or Flexible Savings Account (FSA) to invest in your health and wellness. In this blog post, we will explore the benefits of HSAs and FSAs, the simple steps to utilize them, and the mission of Truemed in promoting true medicine.

Understanding Health Savings Accounts (HSA) and Flexible Savings Accounts (FSA):

A Health Savings Account (HSA) is a tax-advantaged savings account that allows individuals with high-deductible health insurance plans to set aside pre-tax money for qualified medical expenses. The funds contributed to an HSA are not subject to federal income tax, and any unused funds can roll over from year to year, making it a valuable tool for long-term healthcare planning (HealthCare.gov).  

On the other hand, a Flexible Savings Account (FSA) is typically offered through an employer-sponsored benefits plan. Like an HSA, contributions to an FSA are made with pre-tax dollars, reducing taxable income. However, unlike an HSA, the funds in an FSA must be used within the plan year or a short grace period, as they do not roll over (HealthCare.gov).  

Steps to Utilize Your HSA or FSA:

1. Check your eligibility: Verify if your health insurance plan qualifies for an HSA or if your employer offers an FSA as part of your benefits package. Understand the specific requirements and limitations of each account type.

2. Enroll in a qualified high-deductible health plan (HDHP): To open an HSA, you must have an HDHP. Ensure that your chosen plan meets the criteria set by the IRS for HSA eligibility (U.S. Office of Personnel Management)

3. Contact your insurance provider or employer: Reach out to your insurance provider or employer's benefits department to inquire about the process of setting up an HSA or enrolling in an FSA. They will provide you with the necessary paperwork and instructions.

4. Determine your contribution amount: Decide how much you want to contribute to your HSA or FSA. Be mindful of the annual contribution limits set by the IRS.

5. Set up automatic contributions: Consider setting up automatic payroll deductions or recurring transfers from your bank account to make regular contributions to your HSA or FSA. This ensures consistency and makes it easier to save for medical expenses.

Truemed's Mission and Partnership:

Truemed is dedicated to steering medical dollars toward true medicine, which encompasses various aspects such as healthy eating, supplements, exercise, saunas, acupuncture, and more. Truemed facilitates reviews with independent licensed providers to determine if these products can effectively treat specific conditions. Through their evaluation process, eligible consumers like you can unlock the potential for HSA/FSA spending (Truemed.com)

Here’s how you can get qualified to reimburse your future purchases at Positivi-T:

It's simple! 

Just follow three easy steps: 

1. Take a quick 2-minute evaluation to determine your eligibility by clicking on this link below 

(https://app.truemed.com/fitness/qualify/tm_qual_w3pgnzp0ow)

2. If eligible, you'll receive a Letter of Medical Necessity from TrueMed via email. 

3. Once you have your Letter, TrueMed will provide detailed instructions for using your HSA/FSA funds towards your future purchases. 

Conclusion:

By utilizing your Health Savings Account (HSA) or Flexible Savings Account (FSA), you can make your healthcare dollars work for you and prioritize your health and wellness. These accounts offer significant tax advantages and allow you to allocate pre-tax funds for qualified medical expenses. Take the opportunity to unlock your HSA/FSA money and invest in your well-being. Don't hesitate to explore these options and consult with a financial advisor or tax professional to maximize the benefits based on your individual circumstances. At Positivi-T Adventure & Wellness Coaching LLC, we believe in a casual yet professional approach to helping you achieve your wellness goals. We are here to provide genuine support and guidance every step of the way.

References:

FAQs for High Deductible Health Plans, HSA, and HRA. U.S. Office of Personnel Management. (n.d.). https://www.opm.gov/healthcare-insurance/healthcare/health-savings-accounts/frequently-asked-questions/ #:~:text=HSA%3A%20Eligibility&text=You%20must%20participate%20in%20a,be%20eligible%20for%20an%20HSA.  

Health Care Options, using a flexible spending account FSA. Health Care Options, Using a Flexible Spending Account FSA | HealthCare.gov. (n.d.). https://www.healthcare.gov/have-job-based-coverage/flexible-spending-accounts/  

Health Savings Account (HSA) - glossary. Glossary | HealthCare.gov. (n.d.). https://www.healthcare.gov/glossary/health-savings-account-hsa/  

Use FSA/HSA dollars for exercise, supplements, and more. (n.d.). https://www.truemed.com/