Magnetic Therapy: FSA Eligibility

Magnetic therapy for treatment of a medical condition is eligible for reimbursement with a Letter of Medical Necessity (LMN) from a physician with a flexible spending account (FSA), health savings account (HSA) and a health reimbursement arrangement (HRA). Magnetic therapy reimbursement is not eligible with a limited care flexible spending account (LCFSA) or a dependent care flexible spending account (DCFSA).

What is magnetic therapy?

Magnetic therapy, also known as magnetic field therapy and bioenergy therapy, is an alternative treatment and pseudoscience in some circles that utilizes magnets of varying sizes that are placed on the body to relieve pain and treat specific diseases. Magnets can be placed on the body as standalone units or in groups, but they can also be worn as bracelets or necklaces. Proponents of magnetic therapy believe that the magnetic fields produced from the negative pole of the magnet has healing powers that have the ability to stimulate an individual's metabolism, increase oxidation in cells and balance the pH in the body.

Magnetic therapy has been in use for nearly 2,000 years, and it has been used to treat a wide variety of medical conditions, such as inflammation, infections, arthritis, cancer, muscle pain, insomnia, diabetic neuropathy and much more. While there are reports of patients who have experienced success with these forms of treatments, scientific research on magnetic therapy has been unable to back up these claims. Additionally, the U.S. Food and Drug Administration (FDA) has ruled that magnets have no legitimate medical use and should not be considered a viable medical treatment.

How do I obtain a Letter of Medical Necessity (LMN) for magnetic therapy?

A Letter of Medical Necessity (LMN) from a doctor for magnetic therapy is necessary for reimbursement with most benefits providers to ensure that it is necessary for the treatment of a medical condition. This letter must outline how an account holder's medical condition necessitates magnetic therapy, how the treatment will be used to alleviate the issue and how long the treatment will last. If the treatment plan exceeds the current plan year, another LMN will have to be provided to the benefits administrator to cover the duration of the treatment.

Eligibility Table

Flexible Spending Account (FSA) Limited Care FSA Dependent Care FSA Health Savings Account (HSA) Health Reimbursement Account (HRA)

Eligible

Eligible with Rx

Eligible with LMN

Not Eligible

 


AZ-PROD-WEB01 11/21/2017 11:01:58 PM