KRAVE the Experience now accepts Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) to cover your massage!
Check with your benefit provider to see if massage therapy services are included in your FSA/HSA account.
Your hard earned pre-tax dollars can help to pay for a wonderfully relaxing and stress-reducing massage.
To set up massage as a qualifying expense, you simply need to visit your medical practitioner. In order for your massage to be covered, there are a few steps you’ll need to take:
- Medical necessity: why you need massage therapy
(example: to relieve back pain and/or stress)
- Frequency: number of sessions per month
(example: minimum of two sessions per month)
- Duration: length of treatment
(example: 12 months)
If you don’t have an FSA or an HSA and are wondering what they are, here are some broad definitions:
A flexible spending account (FSA) is a tax-advantaged financial account that allows an employee to set aside a portion of his or her earnings to pay for qualified expenses, most commonly for medical expenses, and is offered through an employer’s cafeteria plan. Money deducted from an employee’s pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings. The medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA), but medical FSAs are commonly offered with more traditional health plans. With most FSA, you must use up your funds each year.
An HSA is a tax-advantaged medical savings account available to people who are enrolled in a high deductible health plan. The funds contributed to the account are not subject to federal income tax at the time of deposit. HSAs are owned by the individual, and funds may be used to pay for qualified medical expenses at any time without federal tax liability. Unlike an FSA, funds roll over to the next year if not spent.
If you don’t have one of these accounts, look into them now and reap the benefits!
Feel free to contact us with any questions.