We all know riding a bicycle, whether on the road, the trails or on a trainer, can improve cardiovascular health, reduce stress and build strength, and endurance. But did you know you could use funds in your Health Savings Account (HSA) or Flexible Spending Account (FSA) to pay for bikes and bike-related equipment?
It starts by working with your physician who will determine, and provide a Letter of Medical Necessity (LMN) for the specific purchase.
For example, someone needing to recovery from surgery through non-weight bearing exercise, could receive a LMN from their physician stating that they need to purchase a Garmin Tracx for indoor training.
Purchases can then be made using your HSA or FSA debit card, just as if you were using a credit or traditional debit card. Then, customers should keep their receipt, with the LMN, on file in case there are questions from plan administrators.
Items which may be eligible include:
- Bicycles (yes, bikes) and component upgrades
- Bicycle trainers
- Electronics including GPS bicycle computers, heart rate monitors and smart scales
- Safety equipment such as bicycle helmets and pads
- Clothing, shoes and other accessories
Additionally, items such as sunscreen and lip balm are also eligible.
There is still time to make the most of your FSA or HSA
Steve the Bike Guy can work with you to prepare pricing estimates for potential bicycle-related purchases. And of course, you should remember we are a bike shop, and should not be relied on for financial advice, so always consult with your accountant or health plan administrator for questions and clarifications.
Sources:
- Did You Know You Can Buy Cycling Gear with Your HSA or FSA Funds? Bicycling.com
- 5 FSA-eligible must-haves for cyclists FSAstore.com