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    Health and Flexible Savings Accounts

    Introduction

    For many, managing healthcare costs is a top priority. Two valuable tools that can help you save money on rollators are Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). While these accounts may sound similar, they work differently and offer distinct advantages.

    A Health Savings Account (HSA) works like a personal savings account dedicated to healthcare expenses. Think of it as a special piggy bank that offers tax advantages for medical costs. You can only open an HSA if you have a high-deductible health insurance plan. The money you put into your HSA stays with you year after year, similar to a retirement account, and can be a valuable resource during your retirement years.

    Flexible Spending Accounts (FSAs), on the other hand, are typically offered through employers and operate on a "use it or lose it" basis. These accounts allow you to set aside pre-tax dollars for healthcare expenses, but most of the money must be used within the plan year. While FSAs are less common among retirees since they're employment-based, understanding them is important if you're still working part-time or helping family members navigate their healthcare options.

    Real World example of potential savings

    Let's look at how using pre-tax dollars through an HSA or FSA can save you significant money when purchasing a premium mobility aid like the byACRE Ultralight rollator. This practical example will help demonstrate the real financial benefits these accounts offer.

    The byACRE Ultralight rollator costs $679. When you buy it with regular after-tax income, you're actually spending more than $679 because that money has already been taxed. Here's how the savings work when using an HSA or FSA instead:

    Let's say you're in the 22% federal tax bracket. When you use pre-tax dollars from your HSA or FSA to buy the byACRE Ultralight, you're essentially getting a 22% discount because you haven't paid income tax on that money. This means your $679 rollator effectively costs you about $530, saving you $149 in taxes.

    The savings can be even greater when you factor in state income tax. If you live in a state with a 5% income tax rate, your total tax savings would increase to 27%, reducing your out-of-pocket cost for the byACRE Ultralight to about $496 – a total savings of $183.

    Both HSAs and FSAs cover rollators like the byACRE Ultralight as long as you have a medical need for one. It's important to keep your receipt and any documentation from your healthcare provider recommending the rollator. This documentation helps verify that it's a qualified medical expense and ensures you're following the rules of your account.

    The process of purchasing from us using an HSA/FSA

    1. Add product(s) to your cart

    Browse our website and add the products that you want to purchase to your shopping cart.

    2. Go to the Checkout page

    Once you have all the products you want to purchase added to the cart, navigate to the cart page and then select the Checkoutbutton.

    3. Ensure you checkout as a guest

    At checkout, you may be prompted to log in. It is important not to log in, as you'll lose the ability to use your FSA/HSA. With that in mind, close the pop-up to confirm your identity if prompted.

    4. Select Payment Method

    Select "Truemed - Pay with HSA/FSA" as the payment method. You'll then be guided through the process of entering your HSA/FSA details.