Beachway Therapy Center Case Study
Beachway Therapy Center – Does My HSA Cover Drug Rehab?
You may be ready to begin treating your drug addiction; this decision comes in different ways to different people, and is often accompanied by a kind of relief; the belief that you will finally be able to confront your addiction, and begin to build a new way of living.
Part of choosing the rehabilitation program that you wish to participate in is, naturally, deciding how you will pay for this medical treatment.
And if you have a Health Savings Account or HSA, you should know that you can pay for your drug rehab using the funds that you have in your account.
Let’s begin by defining the term HSA: As you likely know, an HSA is best described as a savings account that you use to pay for healthcare expenses. There are 3 …show more content…
You can retroactively reimburse yourself for medical costs, including those incurred for treatment for an addiction through a drug rehab, as long as the HAS account was open before you entered rehab and you have the necessary official receipts.
3. HSAs are available widely, from various institutions, and it is important to find one with competitive attached fees: If you’d like to compare available HSAs you can do so here.
Let’s dig into the specifics of using your HSA to cover drug rehab:
The IRS has published a document that refers to the use of HSAs to cover drug rehab or inpatient treatment programs: IRS Publication 969 or Health Savings Accounts and Other Tax-Favored Health Plans, where it lays out its rules and regulations for those who have HSAs. You can access this document, in PDF form, here.
Before we go further, you should know that if you need to get into drug rehab now, and you do not already have an HSA, you will have to find another way to finance your treatment. Why? Your HSA has to be set up and funded before it can be used to pay for any immediate medical treatment.
But can I use my HSA to pay for all treatments and costs associated with the drug rehab I
You may be ready to begin treating your drug addiction; this decision comes in different ways to different people, and is often accompanied by a kind of relief; the belief that you will finally be able to confront your addiction, and begin to build a new way of living.
Part of choosing the rehabilitation program that you wish to participate in is, naturally, deciding how you will pay for this medical treatment.
And if you have a Health Savings Account or HSA, you should know that you can pay for your drug rehab using the funds that you have in your account.
Let’s begin by defining the term HSA: As you likely know, an HSA is best described as a savings account that you use to pay for healthcare expenses. There are 3 …show more content…
You can retroactively reimburse yourself for medical costs, including those incurred for treatment for an addiction through a drug rehab, as long as the HAS account was open before you entered rehab and you have the necessary official receipts.
3. HSAs are available widely, from various institutions, and it is important to find one with competitive attached fees: If you’d like to compare available HSAs you can do so here.
Let’s dig into the specifics of using your HSA to cover drug rehab:
The IRS has published a document that refers to the use of HSAs to cover drug rehab or inpatient treatment programs: IRS Publication 969 or Health Savings Accounts and Other Tax-Favored Health Plans, where it lays out its rules and regulations for those who have HSAs. You can access this document, in PDF form, here.
Before we go further, you should know that if you need to get into drug rehab now, and you do not already have an HSA, you will have to find another way to finance your treatment. Why? Your HSA has to be set up and funded before it can be used to pay for any immediate medical treatment.
But can I use my HSA to pay for all treatments and costs associated with the drug rehab I