Get support through insurance
If you have medical insurance, you can use your HSA funds for any eligible expenses that are not paid directly to the provider or for which you are not reimbursed by your insurance company. This includes co-payments and expenses to meet the withholding amount, as well as any uncovered medical expenses.
Your HSA may not be the first thing you think of when it comes to funding your mental health care. However, this type of account allows you to reduce your tax liability And the Pay your mental health care expenses, using pre-tax money. For many people, it’s a win.
“If you have opened an HSA to help cover future costs of healthcare needs, learning how to apply it to mental health treatment can pay off! Check with your employer to see if they will contribute or match funds to HSA too.”
If you don’t already have an HSA account, check with your employer and see if they offer a program as part of your benefits package. If not, or if you are self-employed or unemployed, there are many companies that offer standalone HSA plans. Be sure to familiarize yourself with the current IRS rules regarding these accounts.
To qualify for an HSA, you must have a health insurance plan with high deductibles. In addition, there is a limit to the amount of the contribution each year. You can add an additional “compensation” contribution once you reach age 55, and you can’t contribute to the account once you start receiving Medicare benefits at age 65. (However, you can still use the money in your account indefinitely.)
It is important to find a good therapist and start treatment for any mental health condition as soon as possible. If you’re concerned about how you’re going to pay for any of your mental health treatments, getting into a health savings account can be a great option, especially if you’ve been contributing to the account for several years. Why not use tax-free money to pay for your mental health care?
For more information about HSA accounts and to learn how you can use them for mental health care services, see: