Lowering Out-O-Pocket Healthcare Costs

HSA Approved Purchases Employees Can Use Today

As the pandemic continues and the flu season approaches, employees across the nation are concerned about what the future holds. Consequently, it is essential for individuals to use income wisely and understand what is available to them from a healthcare perspective.

According to the Bureau of Labor Statistics, the average American spends approximately $5,000 out-of-pocket each year for healthcare costs. To combat these costs, employees can take advantage of their health savings account (HSA) for support with mental health, sleep issues, hygienic resources and more.

“Mental health is a huge issue right now because of the pandemic, and people may not realize they can use these pre-tax dollars to pay for the things they need. I’m discovering that there are all these new things I’m dealing with because of the pandemic that I can actually spend HSA dollars on – and I work at an HSA company.”

Alison Moore, Vice President of Marketing at HealthSavings

Moore has provided the following six HSA-approved services and items employers can equip their employees with to help de-stress in these uncertain times.

#1 Telehealth — Mental Health and Primary Care

Telehealth makes it easy to access necessary care from your home or workplace during the pandemic. Additionally, employees can use HSA dollars to cover some mental health services depending on their health plan.

#2 Alternative Therapies

HSA dollars can be used for chiropractic visits, massage therapy and even yoga.

#3 Sleep Aids

If you are struggling to sleep at night, you can buy melatonin and other sleep aids with your HSA dollars.

#4 Flu Shots

With the flu season around the corner, employees can get ahead by using their HSA funds to get a flu shot.

#5 Moisturizers

You can buy lotion, chapstick, and other skin moisturizers with your HSA dollars.

#6 COBRA Expenses

If an employee has been laid off or furloughed because of the pandemic, encouraging them to use their HSA dollars to help pay for COBRA insurance coverage can help relieve financial stress.

Employers should take the opportunity to educate their employees about how they can make the most of their HSA — ultimately helping employees maintain their health and well-being, as well as become knowledgeable healthcare consumers.

Information provided by Employee Benefit News. For more details on HSAs, click here.