Health Savings Accounts Expand Coverage for Innovative Wellness Devices

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are evolving beyond traditional uses, now encompassing a variety of wellness technology. According to Chris Byrd, senior vice president at WEX, these accounts are shifting perceptions of employee benefits. They are no longer viewed solely as emergency funds but are increasingly recognized for their potential to cover a diverse array of health-enhancing devices.

In an exploration of wellness products eligible for HSA and FSA coverage, several surprising items emerged. It is important to note that some of these products may require a doctor’s note to confirm medical necessity for reimbursement.

Innovative Devices Eligible for Coverage

Several wellness devices now qualify for HSA or FSA financing, expanding options for consumers:

1. **Massage Guns**: Devices like the Therabody Theragun, starting at $200, are eligible for coverage. The Caring Mill brand also offers two-pack massage guns, with one featuring heat functionality. Additional devices include a heated foam roller and the TheraCup for cupping therapy.

2. **Oura Ring**: The popular smart ring, Oura Ring, is now eligible for purchase through HSA or FSA funds. Users can either pay with their account card or submit a reimbursement request after purchase.

3. **Whoop Wearables**: The latest model, the Whoop 5.0, recognized for its sleep tracking and health insights, is also covered. Purchases from the FSA and HSA Stores include the SuperKnit band and a 12-month membership.

4. **Smart Blood Pressure Monitors**: Devices like the Garmin Index BPM Smart Blood Pressure Monitor, priced at $200, are available. More affordable options include the OMRON Evolv Wireless Upper Arm Monitor at $76.

5. **Chest Strap Heart Rate Monitors**: The Garmin HRM-Pro Plus, recognized for its battery life, is eligible for HSA and FSA coverage. A more economical option, the Garmin Heart Rate Monitor 200, is also available.

6. **Light Therapy Devices**: Products such as red light therapy masks from Dr. Dennis Gross may be covered. This type of therapy is increasingly sought after for skin care.

7. **Compression Boots**: The Therabody JetBoots are another innovative option, designed to alleviate muscle pain and enhance recovery. The JetBoots Prime is available for $600 and the JetBoots Pro Plus for $1,200, both offering additional features like vibration and red light therapy.

Understanding Eligibility Requirements

Byrd emphasizes the importance of understanding eligibility criteria for these accounts. Generally, coverage is linked to treatment for specific medical conditions. Devices intended for general health, wellness, or cosmetic purposes typically do not qualify. For example, while items like the Theragun may be eligible, a medical necessity letter is often required.

To verify whether a product qualifies for HSA or FSA coverage, users are encouraged to consult their provider’s online resources.

The distinction between HSAs and FSAs further clarifies how these accounts function. Byrd explains that HSAs are individually owned and remain with the user even if they change jobs, while FSAs are employer-tied and often come with a “use-it-or-lose-it” policy at the end of the plan year. Additionally, funds in HSAs can be invested, allowing for potential growth over time, whereas FSA funds cannot be invested.

As more consumers become aware of the potential coverage for wellness devices, health savings accounts and flexible spending accounts may play a significant role in shaping the future of personal health management.