Real Money: What's the deal with FSAs and weight loss programs?
Maintaining a healthy weight has a whole heap of benefits, one of which is warding off medical conditions. Diet and exercise is important whether you're just looking to fit into your jeans or keep up with your little ones. Sometimes you need a little push and signing up for a weight loss program could help keep you accountable and increases your chances of success.
Well, weight loss programs don't qualify for FSA reimbursement at this time. You can only use your FSA funds for weight loss programs in very limited circumstances, and even then, you will likely need to provide extensive documentation in order to be reimbursed. Before signing up for any type of weight loss program in which you plan to use your FSA funds, make sure to talk with your FSA plan administrator.
So, what weight loss products and services are eligible?
Like any other health care product, you're only able to use your FSA funds for a weight loss program if the purpose is to treat, mitigate, cure, diagnose or prevent a specific illness. This condition needs to be diagnosed by a physician and may include conditions such as obesity, heart disease and hypertension. In short, if you're doing it to fit into those jeans, that's not going to make the cut.
Once your physician does state that you should lose weight specifically to treat an illness, there may be related expenses that will qualify for FSA reimbursement. (Emphasis on "may.") This may include membership fees for a weight loss program and attending meetings. Gym, health club and spa memberships could be tougher to get approved, but you may be able to use your FSA on fees for weight loss activities with supporting documentation submitted to your administrator.
If your physician prescribes food that will help you treat your illness, you may be able to deduct a portion of that expense as well. The food can't just be part of your regular diet and must be for the purpose for treating the illness.
In other words, diet pills and meal substitutes probably won't count as an FSA-qualified special food. If there is a special food specifically prescribed to treat your condition, and the cost of that food is more than the cost of a similar food, you may be able to be reimbursed for the difference in cost.
Some FSAs may require a letter of medical necessity or similar form of documentation in order to be able to be reimbursed for these expenses. This letter basically verifies that your weight loss program or special food is specifically for the treatment of a disease. As each FSA administrator has different requirements, you'll want to check with them first on exactly what this letter will need to include.
How much can I submit for FSA reimbursement?
You can only submit FSA expenses that qualify for reimbursement as outlined previously, and only up to the amount you have elected to contribute to your FSA.
If you're interested in losing weight for health reasons, it's best to speak with your doctor beforehand. He or she will be able to assess your situation and see what programs or regiments will help. And if you're interested in involving your FSA with that weight loss goal, you definitely want to check in with your FSA administrator on what might qualify.
Whether you budget week-to-week, or plan to use your FSA for bigger things, our weekly Real Money column will help you maximize your flex spending dollars. Look for it every Tuesday, exclusively on the FSAstore.com Learning Center. And for the latest info about your health and financial wellness, be sure to follow us on Facebook, Instagram and Twitter.