Health Savings
Accounts allow you to set up a tax-deductible account to pay for medical expenses
that are not covered by your health insurance. These include expenses to cover
your deductible, and other medical expenses like dental and eyeglasses. But many
don't realize that HSA funds can be used to pay for virtually any type of medical
service, as long as it pertains to the treatment or prevention of a specific health
condition. Because
money withdrawn from a health savings account to pay medical expenses is tax-free,
anyone who has an HSA can funnel all alternative medical expenses through their
HSA and get a tax write-off. This could include biofeedback, naturopathy, Ayurvedic
medicine, aromatherapy, magnetic healing, reflexology, and the list goes on. People
who use complementary therapies are often very health conscious, and go to traditional
physicians less often. So it does not make sense for them to be paying a high
premium for a traditional health insurance plan with a co-pay, particularly when
their medical treatments are not covered anyway. Instead, many are choosing a
low cost high-deductible HSA plan. Alternative
Therapies Becoming Mainstream Many
hospitals are now offering complementary treatments. The website for the Memorial
Sloan-Keating Cancer Center states that complementary therapies are used to "help
alleviate stress, reduce pain and anxiety, manage symptoms, and promote a feeling
of well-being." Some
group health insurance plans are beginning to cover more complementary expenses,
but there is still very little coverage for these expenses in individual or family
plans. Those that cover chiropractic limit coverage to 12 - 20 visits per year,
and a few will cover a limited amount of acupuncture. But very few if any cover
hypnotherapy, Reiki, iridology, or faith healers. Why
Complementary Medicine The
conventional medicine practiced by most MDs is called allopathic medicine. The
philosophy of this system is to treat disease and injury using counteractive methods.
For instance, if you have a fever you may take aspirin to make it go down, if
your cholesterol is elevated you may take a statin to reduce it, if you have heartburn
you may take an antacid. The thinking is mostly focused on removing the symptoms
of disease, and the primary treatment modalities are surgery and prescription
drugs. But
there are other ways to look at things. Naturopathic medicine is based on the
belief in the body's own healing powers, which can be strengthened through the
use of certain foods, vitamins, herbs, or other "natural" treatments.
Traditional Chinese Medicine (TCM) is based on ancient Chinese theories about
the balance of yin and yang. Ayurvedic medicine is based on principles of movement,
metabolism, and structure. Part
of the growing use of complementary therapies is a reaction to the costs, side
effects, and philosophy of conventional allopathic medicine. Physicians get much
of their continuing education from the pharmaceutical industry, and they work
in an environment where the insurers and the patients are both looking for a quick
fix. The result is that the average 60 year old is now taking 5 regular medications,
yet there is little expectation that those drugs will ever cure the health problems
for which they're being used. Many consumers see this, and instead are using other
methods to try to get to the root of their illness. What
is Considered an "HSA Qualified Expenses" Qualified
medical expenses have been partially defined in IRS Publication 502, and through
various federal court rulings. There is no definitive list, but there are really
very few restrictions as long as the procedure is for the treatment or prevention
of a specific health condition. For instance, you could not use your HSA funds
to pay for a relaxing massage for your own personal pleasure. But if your doctor
recommends you get a massage for specific medical reasons, this is considered
a qualified expense. Yoga would not normally be considered a qualified medical
expense, but it would be if it was recommended as a physical therapy following
some sort of accident. Some
may question why the government would give a tax deduction for someone to use
some crazy energy vibration machine to cure their cancer. But this is as it should
be. No one but you should be able to decide what type of treatment you will use
for your own illnesses. By empowering individuals to manage their health as they
see fit, Health Savings Accounts encourage personal responsibility and help loosen
the monopoly on healthcare that conventional medicine has had for the past few
decades. By Wiley
Long - President, HSA for America
- The nation's leading independent health insurance firm specializing in HSA-qualified
Plans that work with Health
Savings Accounts. | 
