Regardless of which type of account you choose, it is important to keep good records of your purchases. The ability to save up funds over time and use them for non-medical expenses can be especially useful if you are planning to make a large purchase, and the lack of a "use it or lose it" provision means that you don't have to worry about losing any unused funds. If you are enrolled in a HDHP and have the option to open an HSA, this may be the better choice for you. However, you will need to be mindful of the "use it or lose it" provision, and make sure to use the funds in your account within the specified timeframe. So, which type of account is right for you? If you are an employee with access to an FSA, this can be a convenient and cost-effective way to pay for fitness and athletic recovery equipment. This can be a great way to improve your overall health and wellness, and can help you to save money on these types of expenses in the long run. In addition to paying for qualifying medical expenses, you can also use your HSA funds for non-medical expenses, such as gym memberships or fitness classes. Second, HSAs offer more flexibility in terms of how you can use the funds in your account. This can be especially useful if you are planning to make a large purchase, such as a treadmill or stationary bike, as you can save up funds over time and use them when you are ready to make the purchase. First, HSAs do not have a "use it or lose it" provision, so any unused funds in your account will roll over from year to year. However, HSAs offer a few additional benefits. Like FSAs, HSAs allow you to set aside money for medical expenses on a pre-tax basis. HSAs are similar to FSAs, but they are available to individuals who are enrolled in a high-deductible health plan (HDHP). However, FSAs generally have a "use it or lose it" provision, which means that you must use the money in your account within a certain timeframe (usually the end of the calendar year) or forfeit any remaining funds. This means that you can use the money in your FSA to pay for qualifying medical expenses, including fitness and athletic recovery equipment, without incurring any tax liability. There are a few key differences between FSAs and HSAs that you should be aware of when deciding which account to use for your fitness and athletic recovery purchases.įSAs are employer-sponsored accounts that allow employees to set aside a portion of their pre-tax salary for medical expenses. This can be a convenient and cost-effective way to improve your overall health and wellness, and can help you to recover from injuries or surgeries more quickly. One potential use for these types of accounts is to purchase fitness and athletic recovery equipment. Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both types of tax-advantaged accounts that allow individuals to set aside money for medical expenses.
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