Pay with a health savings account for alternative medicine

Pay with a health savings account for alternative medicine

With the healthcare account, you can set up a tax -deductible account to pay for illness costs that are not covered by your health insurance. This includes expenses to cover your deductible and other medical expenses such as dental and glasses. However, many do not know that HSA funds can be used to pay practically any kind of medical performance as long as they refer to the treatment or prevention of a certain state of health.

The funds that are lifted off from a health savings account to pay for medical expenses are tax -free, anyone who has an HSA can handle all alternative medical expenses via their HSA and receive tax depreciation. This could include biofeedback, naturopathy, Ayurvedic medicine, aromatherapy, magnetic healing, reflex zone massage and the list continues.

People who use complementary therapies are often very health -conscious and rarely go to traditional doctors. It therefore makes no sense to pay a high contribution to classic health insurance with additional payment, especially if your medical treatments are not adopted anyway. Instead, many opt for an inexpensive HSA plan with a high deductible.

Alternative therapies become mainstream

Many hospitals now offer additional treatments. On the website of the Memorial Sloan-Keating Cancer Center it says that complementary therapies are used to "relieve stress, relieve pain and anxiety, treat symptoms and promote a feeling of well-being".

Some group health insurance begins to cover more additional costs, but there is still very little cover for these costs in individual or family plans. Those who cover chiropractic limit the cover to 12 - 20 visits per year, and a few cover a limited amount of acupuncture. But very few, if at all, cover hypnotherapy, Reiki, Iridology or faith.

why complementary medicine

The conventional medicine practiced by most doctors is called allopathic medicine. The philosophy of this system is to treat diseases and injuries with the help of countermeasures. For example, if you have a fever, you can take aspirin to reduce it if your cholesterol is increased, you can take a statin to reduce it if you have heartburn, you can take an antacid. Thinking mainly focuses on eliminating the symptoms of the disease, and the primary treatment modalities are operations and prescription drugs.

But there are other ways to look at things. Naturopathy is based on the belief in the body's healing powers, which can be strengthened by using certain foods, vitamins, herbs or other "natural" remedies. Traditional Chinese medicine (TCM) is based on old Chinese theories about the balance of Yin and Yang. Ayurvedic medicine is based on the principles of movement, metabolism and structure.

Part of the increasing use of complementary therapies is a reaction to the costs, side effects and the philosophy of conventional allopathic medicine. Doctors receive a large part of their further training in the pharmaceutical industry and work in an environment in which both insurers and patients are looking for a quick solution. The result is that the average 60-year-old now takes up 5 regular medication, but there is little to expect that these medication will ever heal the health problems for which they are used. Many consumers see this and instead try to get to the bottom of their illness.

What is the "HSA qualified editions"

qualified medical costs were partially defined in IRS publication 502 and by various federal court decisions. There is no final list, but there are really very few restrictions as long as the procedure for treating or preventing a certain state of health serves. For example, you could not use your HSA money to pay a relaxing massage for your personal pleasure. However, if your doctor recommends a massage for certain medical reasons, this is considered a qualified effort. Yoga would usually not be seen as a qualified medical edition, but it would be recommended as a physical therapy after an accident.

Some may ask why the government would grant a tax deduction for someone who uses a crazy energy vibration machine to heal his cancer. But that's how it should be. Nobody but you should be able to decide what type of treatment you use for your own illnesses. By enabling individuals to manage their health at their own discretion, health savings accounts promote personal responsibility and help to loosen the monopoly to health care that conventional medicine has in recent decades.