Did you know that May is Mental Health Awareness Month?
Employees who participate in a flexible spending account (FSA) or health savings account (HSA) can save money on a variety of mental health-related expenses. As part of Mental Health Awareness Month, we’ll walk through the eligibility of these expenses.
Counseling
Mental counseling may qualify as an eligible expense if the counseling is a result of a diagnosed medical condition. That means you may need to first seek a diagnosis from a doctor to use your funds on any counseling that follows. Marriage counseling, career counseling, life coaching, and parenting counseling do not qualify as eligible expenses.
Psychoanalysis
Psychoanalysis is defined by Simply Psychology as “a set of psychological theories and therapeutic methods which have their origin in the work and theories of Sigmund Freud.” It’s commonly used to treat anxiety, phobias, panic attacks, and a variety of other mental health needs. Psychoanalysis will qualify if it’s being provided for medical treatment and not just benefit an
individual’s general health.
Therapy or Psychological Care
Your employees could be increasingly reaching out for therapy or psychological care for any number of reasons. Like with psychoanalysis, therapy or psychological care qualifies only if provided for medical care and not for the general improvement of mental health, stress relief, or personal enjoyment.
Service Animal
Animals play a critical role in mental health. Common examples include psychiatric service dogs and emotional support
animals. If an individual can show that he or she is using a service animal primarily for medical care to alleviate a
mental disease or illness, then expenses for buying, training, and maintaining a service animal may be eligible if the expenses would not have been paid for if not for the defect or illness.
Prescription/OTC Meds
Employees with mental illness may depend on antidepressants, anti-anxiety drugs, and mood stabilizers. A variety of over-the-counter drugs and prescription medications are available for purchase with the account funds.
Acupuncture
In some countries and culture, acupuncture is counted on as a form of treatment for a variety of mental health issues. Fortunately, acupuncture is also an eligible expense when used for medical care.
Sleep Deprivation Treatment
Stress can lead to a lack of sleep, which will have a profound impact on your employees’ mental wellness. One study found that chronic sleep problems affected 50 to 80 percent of patients in a typical psychiatric practice. Sleep deprivation treatment may help alleviate mental health symptoms and is eligible.
Telemedicine Visits
At the start of the pandemic, the use of telemedicine skyrocketed by more than 1000% in March 2020
and 4000% in April 2020, according to one study. FSAs and HSAs do cover medical practitioners' fees for telemedicine.
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The information in this post is for educational purposes only. It is not legal, tax, or health advice. For legal,
tax or health advice, you should consult your own counsel.
