Do you have a Flexible Spending Account (FSA)? Did you know they operate on a “Use it or Lose it” basis? Do you have a running-related injury or movement disorder like Down Syndrome, Cerebral Palsy, Autism, etc.? Here is what you need to know about the benefits of FSA for physical therapy and physical therapy products that are eligible for FSA. Here is how you can spend your FSA before it’s too late!
Flexible Spending Account & Physical Therapy:
Flexible Spending Account (FSA):
Flexible Spending Account is also known as FSA. It is a flexible account that allows you to put in money that you can use later for health-care services, including physical therapy treatment. FSA benefits are typically provided by your employer by setting aside a portion of your paycheck into a designated account. This account can become useful in certain situations such as an unexpected injury, general health maintenance, post-surgical treatment, and more. An FSA account helps you avoid having to pay costly medical bills out of pocket.
Benefits of FSA:
One of FSA’s most significant benefits is that you do not have to pay any taxes on this money. This means that you are saving an amount equal to the taxes you might have to pay if you do not put them in your flexible spending account (FSA). An FSA is similar to health insurance benefits, but because of the tax-free benefit, you actually gain more value per dollar.
The drawback of FSA- Use it or Lose it:
One of the biggest drawbacks of flexible spending accounts is that you either use it or lose it. This means that if you do not use the money that you put in FSA, then you will lose it at the end of the year. By not utilizing your FSA benefits you are missing out on your hard-earned dollars. To avoid this, make sure you take advantage of regular checkups and consultations for any discomfort. If you also find yourself rushing to utilize your benefits at the end of every year, it may be beneficial to reevaluate how much you are putting in. This year, use your benefits or lose them.
People who are suffering from injuries while running, performing their favorite activities, want to improve their running performance, or have a movement disorder like Down Syndrome, Cerebral Palsy, Autism, etc., can benefit from utilizing their FSA benefits at RunLab Austin.
RunLab is a running performance and physical therapy clinic. Treatment at RunLab helps in restoring function, relieving pain, and improving mobility. Our goal is to get you back to doing the things you love and preventing future injuries and pain. Our physical therapists will work with you by listening to your concerns, asking questions, performing a gait analysis, deep tissue work, and guided exercises in an effort to get you back to 100%.
Benefits of Physical Therapy:
Physical Therapy often works for patients who receive injuries in an accident or individuals who have debilitating health concerns like back pain, heart disease, arthritis, and head injuries. Physical therapy helps in relaxing muscles, increasing circulation, and ultimately relieving pain by tissue and muscle stimulation, as well as, form correction.
Benefits of FSA for Physical Therapy:
Most people who receive health insurance through their employers also get access to FSA. It allows you to cover health expenses not covered by insurance. Suppose you are planning to visit the physical therapist for a pre-screening. In that case, all the costs, including future consultations and treatments, will be completely covered by a flexible spending account.
FSA covers pre-screenings, checkups, and treatments and comes in very handy in post-surgery events. In some cases, physical therapy and thorough gait analysis can prevent costly surgeries that can drive up your premiums. FSA can help you reach the optimal point of mobility and pain relief.
Physical Therapy Products/Services Eligible for FSA:
There are many physical therapy services/products in the market that are eligible for the flexible spending account reimbursement. These products/services are able to help individuals to recover from their injuries at home. Some of the physical therapy products that fall under the flexible spending account (FSA) eligibility list are the following:
Heat/cold Pads and Packs, TENS machines & other electrotherapy machines and pads, neck traction units, conductive pads/garments, orthopedic aids, Athletic Supports and Braces, Bandages, First Aid Kits, and many others.
If you are suffering from any running or physical fitness-related health issues like knee pain, back pain, ankle, foot pain, or just want to learn more, give us a call at 512-266-1000. If you have a flexible spending account (FSA), now is the time as the calendar year-end is around the corner. The choice is yours to Use it or Lose it.