5 Ways to Use Your FSA Dollars to Support Mental Health

How to use your Flexible Spending Account for mental health

If you feel like you're wrestling with mental health issues, know that you're not alone. Mental health challenges touch one in five American adults, according to the National Alliance on Mental Illness. So, if you’re experiencing anxiety while navigating the maze of health insurance eligibility requirements and provider networks, know that your FSA is a financial friend there to help unlock mental healthcare barriers. Here's how to maximize this invaluable resource:

1. Prioritize your annual physical 

If you have been skipping your annual physical, it may be time to prioritize those appointments. Here's why: Your doctor could diagnose an underlying condition, like diabetes, that could be contributing to your mental health issues. They may also spot potential side effects from medications that could be impacting your well-being. 

Although many health plans cover preventative care, your diagnostic tests could cost extra. Luckily, you can use your FSA to pay for any bills you receive after your visit.

Even if your doctor doesn’t diagnose a new chronic health issue during your physical, they still are a valuable resource, offering referrals to a therapist or psychiatrist if needed. 

2. Start seeing a therapist

Whether you're dealing with a one-time crisis or ongoing challenges, working with a licensed therapist can be an effective way to develop healthier coping strategies and address the physical side effects of stress, anxiety, and depression. Over time, you may also boost your communication skills and improve your relationships. 

While many health insurance plans cover therapy, you may have trouble finding the right in-network provider, especially if you need specialized expertise. Additionally, paying for therapy out-of-pocket can quickly add up, making it more difficult to prioritize your mental health care. 

Fortunately, mental health therapy, including virtual appointments like those available from BetterHelp, is an FSA eligible expense, allowing you to use your account to cover the cost of sessions or get reimbursed.

3. Meet with a psychiatrist 

For certain conditions, it may be necessary to consult a psychiatrist specializing in mental and behavioral health to diagnose your condition. After your diagnosis, you can work with your doctor on finding the right treatment, which could include psychotherapy, medication, a combination of both, and more.

The challenge can be finding a psychiatrist who takes your insurance. According to an article published by Psychiatry Online, self-reported information from psychiatrists suggests that nearly half of psychiatrists who accept new patients do not accept health insurance. This hurdle makes it difficult to find the right professional. Your FSA can help offset the costs by allowing you to use pre-tax funds to cover psychiatrist visits. 

4. Consider taking medication

Depending on your diagnosis, your psychiatrist may prescribe a medication to manage your condition. These medications may include antidepressants, antipsychotics, mood stabilizers, or stimulants. 

While some medications can be costly, your doctor may prescribe the less expensive generic vs. the brand-name drug. Regardless of whether a generic drug is available or your doctor insists on the brand name, you can use your FSA to cover the cost.

5. Evaluate your sleep habits

If getting enough sleep feels like a constant battle, you might be suffering from a sleep disorder. According to the Sleep Foundation, about one in three Americans has trouble sleeping at least once per week. While anxiety, depression, substance abuse, or other mental illness may contribute to sleep disorders, your difficulty sleeping may also be caused by another condition. 

If this sounds familiar, a good place to start is by seeking a diagnosis from your primary care physician. They can help pinpoint the cause of your sleep troubles and create a treatment plan that could include a sleep study to identify conditions like sleep apnea, insomnia, or other disorders. 

If your health insurance doesn't cover the sleep study, don’t give up. Many sleep studies are FSA eligible, so be sure to contact your insurance company and FSA plan administrator to confirm your coverage.

Make the most of your FSA

While stigma exists, the conversation about mental health solutions continues to evolve. Your FSA can be part of these solutions, turning financial obstacles into opportunities for personalized care, therapy, medication management, and more. 

Your first steps to better mental health might feel uncertain, but with your FSA at your side, your brighter tomorrow starts today. 

-

Thank you for visiting the HSA Store Learning Center. Don’t forget to follow us for more helpful tips on Facebook, Instagram, and X (formerly Twitter).