The IRS defines an HSA, or Health Savings Accounts as, “A tax-exempt trust or custodial account you set up with a  qualified HSA trustee to pay or reimburse certain medical expenses you incur.” In simpler terms, an HSA is like a personal savings account, but the money in them is used to pay for health care expenses.  HSA funds continue to roll over year by year and grow, and you own them when you leave your employer.  At the age of 65, consumers can withdraw the money for any expense (but pay income tax on the non-health expenses).

There are many advantages to an HSA.  First, you are not taxed on the money deposited into your account (so you end up paying less income tax every year).  In most states your HSA earns interest tax-free.

To qualify for an HSA, you must be covered under a high-deductible health plan (with no other health coverage), you must not be enrolled in Medicare, and you cannot be claimed as a dependent on someone else’s tax return for 2016.  The maximum contribution for 2017 is $3400.

HSA plans DO cover Chiropractic treatments and Acupuncture.  Massage is covered if the massage is recommended by a physician to treat a specific injury or to prevent physical or mental ailments.  Here are some example of what is covered under Massage Therapy:  Back pain, fibromyalgia, arthritis, stress, headaches, etc.  Make sure you get a copy of the physician’s recommendation in writing.  At Achtermann Chiropractic and Massage if you are a patient of Dr. Karen or Dr. Martin and need to get massage therapy, they are more than happy to write you a prescription for it.

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