What's Happening?
Health savings accounts (HSAs) and flexible savings accounts (FSAs) are expanding their coverage to include a variety of wellness devices. According to Chris Byrd, senior vice president at WEX, these accounts are now seen as more than just emergency funds, covering items like massage guns, smart rings, and light therapy devices. However, eligibility often requires a medical necessity, verified by a doctor's note.
Why It's Important?
The inclusion of wellness devices in HSA and FSA coverage reflects a shift in how employees view their health benefits. This expansion allows individuals to invest in their well-being proactively, potentially reducing healthcare costs in the long term. It also highlights the growing importance of wellness technology in personal health management.
What's Next?
As more wellness devices become eligible for HSA and FSA coverage, consumers should verify eligibility requirements and consult their providers. This trend may encourage manufacturers to design products that meet medical necessity criteria, further integrating wellness technology into healthcare systems.
