Fitness tracker popularity has exploded over the last decade. Today, more than one-fifth of the world's population regularly uses some type of wearable health technology, according to Market.us Scoop, a premier source for comprehensive, accurate, and unbiased statistics. This is largely due to the many health benefits these gadgets provide.
There are innumerable fitness tracker options today, at a range of price points. Many people do not realize that "flex spending" or "health savings" accounts (FSA/HSA) are a viable option for covering purchase costs.
This article explains how to use FSA/HSA accounts to access wearable healthcare devices. Keep reading to learn more about qualifications and how to complete the process.
How Do Flex Spending and Health Savings Accounts Work?
Flex spending accounts (FSAs) and Health savings accounts (HSAs) are both tax-advantaged vehicles that let people set aside money for qualified medical costs. This means that they do not pay taxes on funds that are used specifically to cover qualifying expenses.
FSAs are usually employer-sponsored plans that allow employees to allot a specific amount of their paychecks to fund the plans. Usually, any unused funds at the end of the year are forfeited (not reimbursed to the employee).
HSAs work in a similar way but are usually offered to beneficiaries of high-deductible health plans. They work more like traditional savings accounts, and the earnings grow tax-free. In most instances, unused funds can be rolled over to the next year.
Are Fitness Trackers Eligible for FSA/HSA Accounts?
In most instances, FSAs and HSAs cover medical-related expenses, including:
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Direct medical payments
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Copayments
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Deductibles
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Prescription drugs
Beyond these categories, to gain coverage for expenses, beneficiaries may need to obtain a letter of medical necessity (LMN). This is a document from a healthcare provider that states that a treatment or device is needed for treating a specific health condition.
In most cases, fitness trackers do not meet this strict criteria. While they can promote health and wellness, they are not typically considered "medical devices."
Are There Exceptions?
There are programs like Truemed's that help customers access FSA/HSA funds for wearables. They connect customers with medical practitioners who have experience with the many health benefits that fitness trackers can provide. They understand the different ways that these devices can be used to treat or prevent unwelcome health conditions.
If medical necessity is identified, these healthcare professionals will issue an LMN. This allows beneficiaries to leverage funds tax-free to pay for FSA/HSA-eligible wearables. Explore Amazfit's options to use your FSA/HSA account to purchase your smart wearable.
Learn More About FSA/HSA
Amazfit is a leading global smartwatch wearables brand dedicated to promoting fitness and wellness in communities. Our devices are designed to empower individuals to achieve their highest health goals, regardless of what those are.
Using FlexSpend FSA / HSA is a great way to access quality health-tracking devices. When checking out through our site, be sure to select "TrueMed - Pay with HSA/FSA."
You will be redirected to TrueMed's FSA spending guide, where a medical professional will use the information you provide to evaluate and confirm your purchase. Please feel free to contact us for assistance.
