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Before 2024 Ends, Here's How to Use Your FSA/HSA on Eligible Fitness Equipment

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
You could buy everything from compression socks to a treadmill with any extra funds, but there are some hoops to jump through.
The article from MSN discusses how individuals can utilize their Flexible Spending Accounts (FSA) or Health Savings Accounts (HSA) to purchase fitness equipment before the end of 2024. It explains that FSAs and HSAs allow for tax-free spending on health-related expenses, which can include certain fitness equipment if it's used to treat or manage a medical condition. The article lists eligible items like treadmills, stationary bikes, and even some yoga mats, provided there is a Letter of Medical Necessity (LMN) from a healthcare provider stating that the equipment is necessary for treatment. It also highlights the importance of checking with your specific FSA or HSA provider for eligibility, as rules can vary. The piece emphasizes the deadline for using these funds, noting that any unused FSA money might be lost if not spent by the end of the year, whereas HSA funds can roll over. Lastly, it provides tips on how to maximize the use of these accounts for fitness goals, suggesting that investing in home fitness equipment can be both a health and financial strategy.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/health/fitness-and-exercise/before-2024-ends-here-s-how-to-use-your-fsa-hsa-on-eligible-fitness-equipment/ar-AA1w5QGk ]