Health Spending Accounts Give Flexibility But Time is Running Out
Here’s a quick reminder as we approach year’s end… this may be the perfect time to use your Health Spending Account (HSA). Generally, money left in your HSA will NOT carry over to the next year. It would be wise to make any health-related purchases before the end of 2008.
You may be able to use your HSA for various services and products such as:
- Chiropractic and Massage Therapy
- Spinal Pelvic Stabilizers (orthotics)
- Cervical Support Pillows
- Nutritional Products
- Wraps and Supports
- Home Rehabilitation Equipment
- Home Spinal Traction Devices
Typically HSAs can be used for any healthcare products or services for a calendar year. The patient determines how much money goes into his or her account at the beginning of the year, and that amount must be spent or it will be lost.
According to the U.S. Department if Treasury, less than 500,000 Americans were enrolled in an HSA plan in 2004. Now more than 3.2 million Americans use them. Some experts predict this number to grow to 14 million by the year 2010.
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