5 Ways Your HSA Can Support Your Mental Health 

Looking after your mental health is equally important as looking after your physical health. However, with the growing costs associated with healthcare, getting the support required can be a challenge. Over 37% of Americans aren’t well prepared to handle even a $400 emergency expense. This is where a Health Savings Account (HSA) plays a huge role, helping you seek care now, along with saving for the future.  

An HSA can help you put a bulk of money aside for medical expenses, which includes medical health care, using pre-tax dollars. The following are the 5 ways to use your HSA to support your mental health:  

Therapy and Counseling 

Your HSA can pay for your therapy or mental health counseling. Especially if it is for a diagnosed condition like anxiety, depression, or PTSD. These expenses are now considered by the IRS as qualified medical expenses (QMEs). Reach out to your healthcare provider to confirm if your therapy sessions qualify. 

Psychiatric Care 

Visits to a psychiatrist are also considered costly for many. The good news is, your HSA funds can cover psychiatric visits as well, including consultations, prescribed medications, and even psychiatric hospital stays. Furthermore, if you need to travel for care, you may also be able to use HSA funds for travel and any lodging costs related to treatment.  

Prescription Medications 

If you have been prescribed medication for your mental health condition by your doctor, your HSA can be used to pay for it. This includes medications for anxiety, depression, and sleep disorders. With a letter of medical necessity (LMN) and medicines recommended by doctors, you may also use your HSA to pay for over-the-counter sleep aids. 

Fitness Programs for Specific Conditions 

Fitness programs that are recommended by your doctor to help treat a diagnosed condition might be covered by your HSA; however, gym memberships aren’t usually part of it. For example, if your doctor has suggested a fitness plan to help manage stress or a chronic condition, you might be able to use your HSA funds to cover the costs.  

Alternative Treatments 

Comprehensive treatments such as acupuncture and massage therapy can also be HSA-eligible if a medical professional prescribes them for a specific condition. However, it is important to note that general relaxation massages or supplements for overall wellness do not qualify. Therefore, if needed, be sure that you hold an LMN with yourself. 

Maximizing Your HSA for Mental Health 

• Check and ensure eligibility to avoid any discrepancies. Using credible resources like the HSA QME database can help you understand and confirm what’s covered.  
• Keep all your documentation safe. This includes prescriptions, receipts, and any necessary LMNs.  
• Remember to contribute to your HSA regularly – and maximize those contributions. This can help save more on taxes and build a safety net for future health expenses.  

An HSA is not just a savings account – it’s a tool that can help you manage both your physical and mental health expenses. While you have the opportunity, take advantage of its tax benefits to get the care you need without adding any financial stress to your plate.