There are many people who use Flexible Spending Accounts (FSAs) and Health Saving Accounts (HSAs) for various reasons. Here at Junkyard Training we are happy to work with those who have such accounts. Our rehab services qualify for reimbursement for both FSA and HSA accounts. There may be a small processing fee because of the additional paperwork required. Please check with us prior to the service to learn more.
If you are wondering what FSA and HSA accounts are, we will explain what they are, how they are used Here is how the two plans work:
Both work like a personal savings account there is a failsafe on it though. With a saving account you can move money over and withdrawal whenever you would like. With these accounts, they can only go toward qualifying medical expenses. This means that if you have the tendency to reach your hand into your savings account and use the holds, you will not be able to with this. Additionally, the money that goes into this account is pre-tax dollars, lowering your taxable income.
In order to get an HSA or FSA account, your employer has to offer it; although they aren’t required to. As an employer you also aren’t required to contribute to it either. Both the employee and the employer can contribute to the employee account but only the employee is required to. Your employer will withhold a specific amount of funds from the employee’s gross wage each pay period.
These types of accounts let those who are employees and self-employed take a larger paycheck home simply by reducing their taxable income. The money that is put into these accounts from their paycheck pay period can be used throughout the year on qualified medical, dental, and vision expenses. They can even be used on qualified dependent care expenses. That means you’re able to use these funds on you as the account holder, your spouse, and any dependent to pay for copays, qualifying prescriptions, and even certain medical equipment.
We are happy to work with individuals who have such accounts. Please note though that a small processing fee may apply. Contact us to find out for sure if that applies to you.