What is an HSA?
An HSA, or Health Savings Account, is a special savings account that lets you set aside pre-tax money to pay for qualified medical expenses.
You're eligible for an HSA if you have a high-deductible health insurance plan (HDHP). You can use the money in your HSA for things like doctor visits, prescriptions, and yes, speech therapy, when it's considered medically necessary.
What's excellent about HSAs:
- The money goes in tax-free
- It grows tax-free (if you earn interest)
- You can roll over unused funds year after year
That means if your child needs ongoing therapy, your HSA can help cover the cost now and later.
What is an FSA?
A Flexible Spending Account, or FSA, is another type of pre-tax account you can use to pay for medical expenses.
Often offered through your employer, and just like an HSA, FSA funds can be used for speech therapy services, as long as they're considered medically necessary.
Here's how FSAs are a little different:
- FSAs are "use it or lose it." Most expire at the end of the year.
- You usually need to spend the funds during your plan year (though some offer a short grace period or allow a small rollover)
- You can't invest the funds like you can with an HSA.
So if you have an FSA, it's essential to plan and use your benefits before they expire.
Is Speech Therapy covered by HSA and FSA funds?
Yes, both HSAs and FSAs usually consider speech therapy an eligible medical expense.
However, it must be deemed medically necessary, meaning it must be tied to a diagnosis from a licensed provider.
For example, therapy for conditions like:
- Childhood Apraxia of Speech
- Autism Spectrum Disorder (ASD)
- Developmental Delays
- Cerebral Palsy
- Speech sound disorders
- Receptive/expressive language disorders
At NeuroKids, our therapists conduct comprehensive evaluations and can provide the documentation you need to show medical necessity.
How to use your HSA or FSA at NeuroKids
We want this process to be as stress-free and straightforward as possible. Here's how it works:
- Get a Referral or Diagnosis (if needed): We'll coordinate with your child's pediatrician or complete a speech-language evaluation, as required.
- Pay with Your HSA/FSA Card: If you have a debit card linked to your account, you can use it to pay directly for services.
- Or Submit for Reimbursement: If you pay out of pocket, we'll provide a detailed invoice so you can submit it to your HSA or FSA provider for reimbursement.
- Save All Documentation: Be sure to keep receipts and any paperwork required by your account provider.
Still unsure? Reach out. Our team can answer your questions and help guide you through the process.
Tips to get the most from your HSA or FSA
- Check your plan details: Every HSA/FSA is a little different. Look up what's covered or call your plan provider to ask directly.
- Plan ahead: If you know your child will need therapy in the coming year, you can budget for it during your employer's open enrollment period.
- Track your receipts: Keep a folder (digital or physical) of all therapy-related expenses in case you need to show proof later.
- Combine with other benefits: Some insurance plans may cover part of your child's therapy. Your HSA or FSA can help with anything insurance doesn't.
You're not alone; we're here to help.
We understand how overwhelming it can feel to juggle therapy appointments, financial planning, and the emotional rollercoaster of parenting a child with communication difficulties. At NeuroKids, we're here to support both you and your child every step of the way.
Using your HSA or FSA can be a practical way to make speech therapy more accessible without sacrificing the quality of care your child deserves.
If you have questions about using your HSA or FSA at NeuroKids, don't hesitate to ask. We're here to help you navigate the process and ensure your child receives the support they need to thrive.
