Stretching your healthcare dollar as well as having healthcare freedom, is important for many of our clients, which is why Abundant Health Family Chiropractic offers cash pricing as well as investment plans that save you money. Some medical insurance companies do cover minimal Chiropractic care, but the majority have high deductibles or no coverage for Chiropractic (which is the case for most people in Bozeman, MT). FSA (Flexible Spending Accounts), HSA (Health Savings Accounts), and MMSA (Montana Medical Savings Accounts) are all non – insurance funding options that help you set resources aside for your personal health care expenses, with an added incentive of reducing your tax burden. In addition these monies are less restrictive than insurance benefits, giving you healthcare freedom to use toward qualified services of your choice of which Chiropractic is one. Here is a basic summary of the FSA, HSA, and MMSA programs.
FSA (Flexible Spending Account)
FSA accounts are pre-tax accounts established and organized through your employer. Open season to set aside these resources for the upcoming year, is usually November – December. You determine the amount you want to set aside, and your employer handles that through their payroll process. Cons to this account, if you do not use the full amount set aside, you lose those dollars as they do not usually carry over to the following year. You can find more information here, or talk with your human resource professional to discuss if this option is available through your employment.
HSA (Health Savings Account)
HSA accounts are pre-tax accounts that you can personally organize through a bank, when you have a high deductible health insurance plan. Annual amounts are set by the federal government based on individual or family status. (2019 Individual $3500, Family $7000). You have until April 15, 2020 to fund for 2019. Pros, unused funds roll over to the following year. You can also earn interest on these accounts. The government determines what medical expenses can be paid with your HSA (it is pretty generous). For a full list of IRS-qualified medical expenses, review IRS Publication 502 or click here.
MMSA (Montana Medical Savings Account)
MMSA accounts are pre-tax accounts for your Montana state tax return. The 2019 annual contribution is up to $4000 for individuals. These contributions need to be made by the end of the calendar year (December 31, 2019) . Pros – unused funds roll over to the following calendar year. Qualifying expenses follow the same schedule as the HSA IRS Publication 502.
Our practice members love these health savings platforms as it provide healthcare freedom. You can use your money freely to receive Chiropractic care, without an insurance company dictating the number of visits allowed. Each of these programs works a bit differently. If you don’t know which system best fits your needs, check in with your personal accountant and/or financial adviser to further clarify.
In Bozeman, Dr. Kimberly Maxwell at Abundant Health Family Chiropractic is THE go-to resource for the health and well being of your entire family, starting with prenatal care! Being 20 years in practice, you can trust her expertise and experience in serving you and your family, keeping you healthy, well, and wise. …as well as helping keep your care affordable and efficient for busy families. Request an appointment online.