creative payment options

An HSA allows you to set aside pre-tax dollars to pay for medical expenses, including physical therapy. Want to learn more about an HSA and how it works? Click here

health savings account (HSA)

If your employer offers an FSA, you can contribute pre-tax dollars to this account to cover qualified medical expenses, including physical therapy. Funds in the FSA are on a use-it-or-lose-it rule, where funds must be used by the end of the year or they are lost. Want to learn more about an FSA and how it works? Click here

flexible spending account (FSA)

If you choose to work with us, your insurance may reimburse you for out-of-network physical therapy services. This will depend on your insurance plan, and you'll typically need to pay up front and then submit a claim to your insurer for reimbursement. We provide the superbill that you will need to submit to your insurance company.

health insurance reimbursement

employer health benefits or wellness programs

Some employers offer health benefits or wellness programs that may include reimbursements or discounts for physical therapy services. Even if physical therapy isn't typically covered under your regular insurance plan, you may want to check if there are any company-specific health or wellness benefits available. Oftentimes, these benefits go unused because many people are unaware they are available.

An HSA allows you to save money for medical expenses, and the funds in the account have multiple tax advantages:

  1. Pre-Tax Contributions:

    • You contribute to the HSA using pre-tax dollars, meaning that the money you put in lowers your taxable income. For example, if you earn $50,000 and contribute $3,000 to an HSA, your taxable income for the year is reduced to $47,000.

  2. Tax-Free Growth:

    • The money in the HSA grows tax-free. Any interest or investment gains are not taxed, unlike regular savings accounts or other taxable investment accounts.

  3. Tax-Free Withdrawals:

    • When you use HSA funds for qualified medical expenses, the withdrawals are also tax-free. This applies to a wide range of healthcare costs, including doctor visits, prescription medications, dental and vision care, and physical therapy.

  4. Portability:

    • The money in your HSA belongs to you, not your employer, and it remains with you even if you change jobs or health plans. The funds roll over from year to year, so there’s no "use-it-or-lose-it" rule like with Flexible Spending Accounts (FSAs).

  5. After 65:

    • Once you turn 65, you can use the funds in your HSA for non-medical purposes without a penalty. However, you will pay regular income tax on any non-medical withdrawals. For medical expenses, you can continue to withdraw tax-free.

Benefits of an HSA

An FSA allows you to set aside money before taxes are deducted from your paycheck. The funds can then be used to pay for qualifying medical, dental, and vision expenses. Here's how it works:

  1. Contributions:

    • Employees contribute to an FSA through pre-tax payroll deductions. For example, if you earn $50,000 a year and contribute $2,000 to an FSA, your taxable income will be reduced to $48,000. This lowers your overall tax liability.

  2. Tax-Free Withdrawals:

    • The money you contribute to the FSA can be used to pay for qualified medical expenses, and these withdrawals are tax-free. This can include expenses like doctor visits, prescriptions, over-the-counter medications, dental procedures, and vision care (glasses, contact lenses).

  3. Use-It-Or-Lose-It Rule:

    • One of the main differences between an FSA and an HSA is the use-it-or-lose-it rule. Funds in an FSA must generally be used by the end of the plan year. However, some plans offer grace periods (up to 2.5 months after the end of the year) or allow you to carry over a portion of your unused funds (up to $610 in 2024, depending on the plan). If you don’t use the funds within the specified time frame, you lose them.

  4. Eligible Expenses:

    • FSAs cover a wide range of healthcare expenses. These include:

      • Co-pays, deductibles, and coinsurance

      • Prescription medications

      • Over-the-counter drugs (with a prescription)

      • Dental and vision care (including glasses, contacts, and orthodontics)

      • Mental health services, physical therapy, and more.

  5. Debit Card or Reimbursement:

    • Some FSAs come with a debit card that can be used directly to pay for qualified expenses, while others may require you to submit receipts for reimbursement.

  6. Immediate Access to Funds:

    • Unlike Health Savings Accounts (HSAs), which require you to build up your balance before using the funds, FSAs provide immediate access to the entire annual contribution amount at the beginning of the year, even though the money is deducted from your paycheck throughout the year.

Benefits of an FSA