HSAs (Health Savings Accounts) provide a tax-advantaged way to save for qualified medical expenses. This includes certain weight loss medications and programs.
Understanding Eligibility Criteria
To use HSA funds for weight loss, the medication or program must be:
- Prescribed by a doctor
- Medically necessary to treat an underlying condition, such as obesity or a related chronic disease
Covered Expenses
Eligible HSA expenses for weight loss include:
- Medications: FDA-approved prescription medications prescribed for weight loss
- Programs: Medically supervised programs offering comprehensive support, such as meal planning and behavioral therapy
Ineligible Expenses
Expenses not covered by HSAs include:
- Weight loss supplements
- Over-the-counter weight loss aids
- Fitness activities not prescribed as part of a medical program
- Food preparation or dietary costs
- Weight loss programs primarily intended for general wellness or appearance enhancement
Maximizing HSA Benefits
To get the most from your HSA:
- Consult with a doctor to determine if your weight loss plan is medically necessary.
- Keep track of expenses and retain receipts for reimbursement.
- Explore other tax-saving options, such as Flexible Spending Accounts (FSAs) or Health Reimbursement Arrangements (HRAs), for expenses not covered by HSAs.
Conclusion
HSAs offer a valuable way to cover medically necessary weight loss treatments. By understanding the eligibility criteria and exclusions, you can make informed decisions about using your HSA funds.