Here at Speech Buddies we frequently get questions about Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs): is speech therapy FSA eligible, does HSA cover speech therapy? Some families currently have these accounts available to them and others are considering adding them, where available, to potentially reduce the cost of their family’s health care. Since speech therapy would generally be considered a covered expense (i.e. you would be able to use HSA or FSA to pay for speech therapy), these accounts could be a great way to defray overall costs. And with the enrollment period for 2016 fast approaching, a few minutes of planning may unlock significant savings for your family. This post is dedicated to shedding light on these options – as usual, there is some complexity here – so families needing to access speech therapy services can do so with a greater sense of empowerment.
Q: Will speech therapy be covered by my insurance?
That is an excellent question, but one without an easy answer. As consumers, we logically expect that our health plans should cover therapeutic services such as speech and language therapy. But this is not always the case. Our goal in this article is to help you find the best path to answering those important speech therapy insurance questions for your family.
Did you know that Speech Buddies are eligible for reimbursement under most health Flexible Spending Accounts (FSA)? If you have one of these plans set-up through your employer, you probably have a new 2014 flexible spending account balance, so check it out! Also, the U.S. Treasury recently relaxed the “use or lose” rules to FSA accounts and will now allow workers to rollover up to $500 in accrued but unspent benefits. That’s great news!