- Posted: 2/3/2020
How can your company cover your group and private yoga classes?
By : Doniya Hussain
Did you know that you can use a flexible savings account (FSA) or health savings account (HSA), for your private yoga sessions. If you are unfamiliar with these terms, here is a chance to learn more!
When an employer offers an HSA or FSA benefit, pre-tax funds are withdrawn from your regular paychecks and put into a special account for you to use for qualified, non-insurance covered, expenses. Each year typically during open enrollment is when you can decide how much money you want or need to allocate for the next year’s medical expenses.
Private Yoga sessions are an excellent use for these funds! The IRS say that covered medical expenses “must be primarily to alleviate or prevent a physical or mental defect or illness.” Examples of qualifying expenses include (but not limited to): stress, anxiety, depression, pain management, arthritis, back pain, carpal tunnel syndrome, scoliosis, etc.
Some insurance companies may require a doctor’s letter, prescription or a LOMN (Letter of Medical Necessity). Just let your doctor know that you would like to be able to have Private Yoga sessions as a covered medical expense for your FSA/HSA, and she/he can write the appropriate documentation for you. It just needs to include: 1. The medical need (ie: relieve stress or back pain), 2. How many sessions (ie: 2x/month) and 3. For how long (ie 12 months).
If you have an HSA/FSA debit card that you use for payment, you can simply use that to pay for your session. If instead your insurance company sends you reimbursement checks, then we can give you a receipt at the time of service, and you can submit that to your insurance company.
If you have allocated money to an FSA or HSA, make sure to use it by the end of the year, as sometimes with FSA’s it’s a “use it or lose it” proposition.
If you’ve been putting off helping yourself feel better, now’s the time to use your health insurance benefit to benefit YOU!
Your Wealth Knowledge
Great article using Yoga as an example!
FLex-Ed: Shedding Light on The Letter of Medical Necessity
Doniya has a background in Human Resources where she specialized in Benefits. She also completed her 200-hour Flow teacher training with Radiance Yoga in Alexandria, Virginia. Feel free to email with further questions at Doniya@BelovedYoga.com