Posted by Ortho Specialist on 3rd Dec 2019
Health Savings Accounts & Flex Spending Accounts
Everything You Need To Know About Health Savings and Flex Spending Accounts
What are HSA and FSA payments? If you do not know what they are or you do not know the difference between these two payment methods, fret not! Source Ortho will be your guide on the basics of what you need to know about the key differences between HSA and FSA payments.
HSA payments, also referred to as Health Savings Account payments, are payments made using a savings account in conjunction with a high-deductible (you are responsible for a greater amount of your initial health care costs)health insurance policy. This program is more flexible, allowing you to save money, not only by paying fewer taxes on the payments, but it also saves you money long-term due to the fact that whatever money you keep in the account will roll-over and accumulate savings over time. While there are pros and cons to each program, the only true ‘downside’ would be that you would only qualify for HSA with a higher-deductible insurance plan.
FSA payments, also known as Flex Spending Arrangements or Flex Spending Accounts, is typically established through an employer with their benefits package. Each paycheck, a specific amount of money is taken from your paycheck and set aside for any medical expenses. The plus-side to the FSA payments is that it can be used with any insurance policy (regardless of the deductible) and it is easy to participate in. However, the money put aside in FSA accounts is more of a ‘use it or lose it’ deal in the sense that the money does not roll-over into the next year. Furthermore, if you were to change employers, the plan would not follow with you.
Often, we receive the question on whether or not we accept HSA or FSA payments. To answer this question; yes, both of these payments are accepted here at Source Ortho. Most of our products should qualify. However, for specific questions you might have we suggest referring to your particular policy to verify any coverage. For a list of items and services covered under the HSA/FSA program click here.
Source Ortho does not bill Insurance directly. Many of our products may be covered under your particular insurance policy and may be eligible for reimbursement. We recommend that you call your insurance carrier and ask what their reimbursement rates are for out-of-network providers before making your purchase.
Source Medical does not accept insurance, but can give you all the necessary codes and information so that you can submit the claim to your insurance company. In our experience, most patients will have purchases covered and reimbursed a percentage (varies by policy) of the claim If the equipment or device has been prescribed by their physician.
By charging cash at the time of service, SourceMedical is able to spend more quality time with their patients, and can actually keep prices lower. It also allows treatment plans to be discussed and decided upon by the doctor and the patient – insurance companies do not influence your decisions in regard to your healthcare.
**Note** Source Ortho is not responsible for typographic or pricing errors. We make every effort to honor a quoted price however we reserve the right to review all Orders for accuracy.