Mon-Fri: 9am-6pm EST
Mon-Fri: 9am-6pm EST
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. One potential use for these types of accounts is to purchase fitness and athletic recovery equipment. 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.
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.
FSAs are employer-sponsored accounts that allow employees to set aside a portion of their pre-tax salary for medical expenses. 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. 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.
HSAs are similar to FSAs, but they are available to individuals who are enrolled in a high-deductible health plan (HDHP). Like FSAs, HSAs allow you to set aside money for medical expenses on a pre-tax basis. However, HSAs offer a few additional benefits. 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. 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.
Second, HSAs offer more flexibility in terms of how you can use the funds in your account. 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. 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.
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. 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.
If you are enrolled in a HDHP and have the option to open an HSA, this may be the better choice for you. 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.
Regardless of which type of account you choose, it is important to keep good records of your purchases. You will need to keep receipts or other documentation to prove that your purchases were eligible expenses, in case you are audited by the IRS.
When shopping for fitness and athletic recovery equipment, be sure to do your research and compare prices from multiple retailers. You may be able to find good deals on gently used equipment from classified ads or online marketplaces, or you may be able to negotiate a discount by purchasing multiple items at once.
Here are some examples of items that may be eligible for purchase with FSA or HSA funds:
Many of our customers use their FSA or HSA to purchase percussion massagers like the Theragun or Hypervolt. These are not explicitly covered under FSA/HSA guidelines, so you will need to get a medical exception from your provider.
It's important to note that not all medical expenses are eligible for reimbursement from FSAs or HSAs. You will need to check with your specific plan to determine what is covered. In general, expenses that are eligible for reimbursement must be used to diagnose, treat, or prevent a medical condition.
It is also important to note that FSA and HSA funds can only be used to pay for your own medical expenses, or those of your dependents. You cannot use these funds to pay for someone else's medical expenses, even if you are paying for their care.
In conclusion, FSAs and HSAs can be a convenient and cost-effective way to pay for fitness and athletic recovery equipment. By setting aside money on a pre-tax basis, you can save money on your overall medical expenses and improve your overall health and wellness. Just be sure to keep good records of your purchases and familiarize yourself with the rules and restrictions of your specific plan.
Theragun Elite Smart Percussive Therapy Device Elegantly designed, lightweight, and fully personalized for your body’s needs, the Theragun Elite i...View full details
Theragun PRO G4 Commercial-Grade Therapeutic Percussion Massager The most powerful commercial-grade percussive therapy device with the features pr...View full details
Game Ready GRPro 2.1 Cold & Compression Therapy For Injury Healing and Recovery Ice Machine Game Ready is the global leader in active compressi...View full details
Theragun Prime Essential Percussion Therapy Massager Essential Features. Hardly Any Sound. Theragun Prime is the perfect balance of strength and s...View full details
Pso-Rite, The Best Psoas Release Tool We all know it can be hard to find a good, affordable tool to help release hard to reach muscles. Not everyo...View full details
Theragun Mini Portable Percussion Massager The Theragun mini is your pocket-sized partner, giving you Theragun quality deep muscle treatment with ...View full details
Rapid Reboot Lower Body Compression Boot Recovery System with Zero Gravity Chair Take your recovery to the next level with the Rapid Reboot Lowe...View full details
ReAthlete Air-C +Heat Compression Boots Keep your legs feeling ready to go with the ReAthlete Air-C +Heat Full Leg Compression Massager. These...View full details
Hyperice Normatec 3 Leg Compression System Normatec 3 is the next evolution of the iconic Normatec series, using dynamic air compression to advan...View full details
Theragun PRO G5 Percussion Massager (New 5th Generation) A deeper massage for better movement. The Theragun PRO is the ultimate tool for recovery a...View full details
Rapid Reboot Full Body Complete Compression Boot Recovery System with Zero Gravity Chair Get more bang for your buck with the Rapid Reboot Full ...View full details
Myostorm Meteor 2.1 Massage Ball The MyoStorm Meteor 2.0 Heating and Vibrating Massage Ball is a self-heating, vibrating, massage therapy ball c...View full details
Game Ready GRPro 2.1 Cold & Compression Therapy Unit For Knee Injury Healing and Recovery Ice Machine Hurt knee got you down? If you have suffe...View full details
Theragun Mini 2.0 Percussion Massager The smallest, lightest Theragun yet. The Theragun mini is a powerful and portable device that’s proven to rel...View full details
MaxTorc Percussion Massager Maxtorc Ball Style Fitness Massager is a new and revolutionary therapeutic massage device, an ideal tool to aid in the...View full details
Golden Designs Dynamic Low EMF Far Infrared Sauna - Barcelona Edition Dynamic Low EMF Saunas are constructed with the environment in mind which ac...View full details
Hyperice Hypervolt 2 Pro Percussion Massager Get the same powerful percussion massage therapy that the world's best athletes have—right in...View full details
Squid Go Portable Cold & Compression Recovery System Squid Go is a breakthrough cold compression system designed to deliver fast, effectiv...View full details
NICE1 Cold Compression Therapy NICE1 is a cold and compression therapy device used to aid recovery and reduce pain associated with soft tissue in...View full details
PowerDot 2.0 Muscle Stimulator The Therabody PowerDot 2.0 is the world's smartest muscle stimulator. The PowerDot takes proven Neuromuscular...View full details
Rapid Release Therapy Pro3 Vibration Massager Rapid Release Therapy is already the go-to therapy of tens-of-thousands of professionals worldwide be...View full details
Fenix 5 Plus Sapphire Multisport GPS Watch For athletes and outdoor adventurers, the Fenix 5 Plus Sapphire Carbon Gray DLC Titanium Multisport GPS...View full details
Garmin Fenix 6X Pro Watch Over the years, the smartwatch has evolved into a must-have item. And with so many different brands, it can be hard to f...View full details
Garmin Fenix 6 Pro Watch Over the years, the smartwatch has evolved into a must-have item. And with so many different brands, it can be hard t...View full details
First Degree Fitness FluidRower Viking 2 AR Plus Rowing Machine The Viking 2 AR Plus is designed with simply the best and most gorgeous wooden fr...View full details
Airofit Pro System Breathing Trainer and Virtual Breathing Coach The Airofit Pro System consists of an Airofit Breathing Trainer and a Virtual Bre...View full details
WaterRower Club Rowing Machine The WaterRower Club Rowing Machine with S4 Performance Monitor is the go-to rowing machine for commercial and s...View full details
SuperMats Equipment Mats For Rowers and Treadmills SuperMat's new Hybrid line of mats offer both quality and performance for a reasonable price. Th...View full details
Garmin Fenix 6 GPS Watch Over the years, the smartwatch has evolved into a must-have item. And with so many different brands, it can be hard to fi...View full details
Garmin Fenix 7X Sapphire Solar Watch Harness the power of the sun with the Garmin Fenix 7X Sapphire Solar Watch. Featuring a Power Glass™ sola...View full details
WaterRower Natural Rowing Machine The WaterRower Natural Rowing Machine with S4 Performance Monitor is the perfect rowing machine for at home ...View full details
NOHrD SlimBeam Multi-Use Cable Machine Cable stations are versatile and multi-functional exercise machines. It’s no mystery as to why they remain ...View full details
First Degree Fitness FluidRower Viking 3 AR Plus Rowing Machine The Viking 3 AR Plus is a Viking ship inspired horizontal rower built from han...View full details
MX55 Adjustable Dumbbells The MX55 selectorised dumbbells are the ultimate ‘must have’ for the home gym. These adjustable dumbbells offer pro-...View full details
Adapt CABL Compact Cable Trainer Home workout equipment can be expensive, and finding the right piece of equipment can be hard. That is why Adapt ...View full details
TrueForm Trainer Self Powered Treadmill The TrueForm Trainer is lighter weight and user-friendly for all skill levels. The Trainer is an affor...View full details
Garmin Fenix 7 Solar Watch Over the years, the smartwatch has evolved into a must-have item. And with so many different brands, it can be ...View full details
Breath Belt Diaphragmatic Breath Training tool THE BREATH BELT is a diaphragmatic breath training tool that activates the gluteal muscles. The non...View full details
Garmin Fenix 7 Sapphire Solar Watch Over the years, the smartwatch has evolved into a must-have item. And with so many different brands, it ca...View full details
Keiser M5i Strider Elliptical Machine The M5i Strider is an Elliptical Trainer designed specifically for the Indoor Walking Classes that started in...View full details
Garmin Fenix 7X Solar Watch Harness the power of the sun with the Garmin Fenix 7X Solar Watch. Featuring a Power Glass™ solar charging lens ...View full details
NOHrD Swing Bells Free Weights NOHrD SwingBells are a smart alternative to the classic free weight or kettlebell-style dumbbell. When in use, the ...View full details
First Degree Fitness FluidRower Viking 2 AR Plus Select Rowing Machine The Viking 2 AR Plus Select is designed with simply the best and most gorg...View full details
R8 Plus Deep Tissue Muscle Roller Introducing the R8 Plus. Roll Recovery took everything they learned over the years and designed the next evolut...View full details