DO you have a health spending account (HSA) or a flexible spending account (FSA)?
Ask your insurance if you have, a Health Savings Account (HSA) or a Flexible Spending Account (FSA).
An HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses and an FSA is a special account you put money into that you use to pay for certain out-of-pocket health care costs. Hypnotherapy can be covered by both accounts.
Using your FSA or HSA funds to pay for therapy reduces how much you pay in taxes and helps you save money. Let’s say you contribute $3,500 to your HSA this year, and you are in the 22% tax bracket. Because HSA contributions are made on a pre-tax basis, you will save $770 in taxes when you spend the $3,500 on qualified medical expenses.
Usually, your FSA or HSA comes with a debit card. Once you confirm that you have sufficient funds in your account, you can use the debit card at your provider’s office.
If you don’t have an FSA or HSA debit card, you can pay for a service yourself and submit a claim to your benefits administrator for reimbursement. You should keep your receipt from the provider as proof of payment should you get audited.
Insurance often doesn't cover hypnotherapy, but some may reimburse. Check with your provider for coverage details. With a Letter of Medical Necessity from a doctor, FSA, HSA, and HRA may cover hypnotherapy expenses for treating medical conditions.