If you have been hesitant about bariatric surgery due to cost, remember that your Flexible Spending Account (FSA), Health Savings Account (HSA), or Health Reimbursement Arrangement (HRA) could help cover the expenses for your weight loss procedure! Not only do these accounts help cover the cost, but they also offer tax advantages that can save you money.
Bariatric surgery, such as Gastric Sleeve, Gastric Bypass or SADI-S, is considered a qualified medical expense under IRS guidelines, meaning it is eligible for payment or reimbursement through your FSA, HSA, or HRA. Here’s how each account can help:
Using Your FSA: If you have an FSA, you can use the funds to pay for pre-surgery consultations, the surgery itself, post-operative care, and any other related medical expenses. Since FSA contributions are pre-tax, you effectively reduce your taxable income, which lowers your overall tax burden.
Using Your HSA: HSAs offer even more flexibility since the funds roll over year to year, and you can contribute up to a certain limit annually. The 2024 contribution limits for Health Savings Accounts (HSAs) are $4,150 for self-only coverage and $8,300 for family coverage. Individuals who are 55 and older can contribute an additional $1,000 as a catch-up contribution. You can use your HSA to cover the full spectrum of bariatric surgery expenses. Additionally, because HSA funds can grow tax-free, they can serve as a long-term savings strategy for those planning surgery in the future.
Using Your HRA: If your employer offers an HRA, you can be reimbursed for bariatric surgery costs, including surgery, hospital stays, and any necessary medications. While you don’t contribute to the HRA, the reimbursements are tax-free, reducing the financial burden.
Bariatric surgery is a financial investment, but using an FSA, HSA, or HRA can make the cost more manageable and provide valuable tax savings. Check your plan rules and consult a tax advisor. By carefully planning and maximizing the benefits of these accounts, you can ease the financial burden of surgery while taking an important step toward better health and a longer lifespan.
Nicholson Clinic is committed to preventing finances from limiting any patients from receiving life-changing weight loss surgery. In order to best serve all of our patients, we offer a number of payment options, including traditional payments; financing through the CareCredit® (approval required); and insurance coverage.
In many cases, bariatric surgery is considered a medical necessity and is at least partially covered by most insurance companies, provided the patient meets their requirements. Our team of insurance specialists will help you manage the process, working directly with your insurance provider to acquire approval. For more information on insurance coverage for your weight loss procedure, click here. Patients who plan to self-pay for their weight loss procedure can find a procedure cost list here. We offer some of the lowest, all-inclusive, package pricing in the country. For information on payment plans and financing with CareCredit®, click here.
If you’re considering bariatric surgery, now is the time to explore these options and create a plan that works best for you.
