HomeMental HealthUsing HSA for Therapy: Insurance Guide — Talkspace

Using HSA for Therapy: Insurance Guide — Talkspace


Finding Support Through Insurance

If you have medical insurance, you can use your HSA funds for any qualified expense that’s not paid directly to the provider or for which you’re not reimbursed by your insurance company. This includes co-pays and expenses to meet your deductible, as well as any uncovered medical expense.

Your HSA account might not be the first thing you think of when it comes to financing your mental health care. Yet this type of account allows you to reduce your tax liability and pay for your mental health care expenses, using pre-tax funds. For many people, it’s a win-win. 

“If you have opened a HSA to help cover future costs of healthcare needs, learning how to apply it towards mental health therapy could pay itself in dividends! Check with your employer to see if they’ll contribute or match funds to your HSA as well.”

Talkspace therapist Ashley Ertel, LCSW, BCD, C-DBT

If you don’t already have an HSA account, check with your employer and see if they offer a program as part of your benefits package. If not, or if you’re self-employed or unemployed, there are many companies that offer independent HSA plans. Make sure to familiarize yourself with the current IRS rules regarding these accounts.

To qualify for an HSA, you must have a high-deductible health insurance plan. In addition, there’s a limit to how much you can contribute each year. You get to add a “catch up” bonus contribution once you reach age 55, and you can’t contribute to the account once you start receiving Medicare benefits at age 65. (However, you can still use funds in your account indefinitely).

It’s important to find a good therapist and start treatment for any mental health condition as early as possible. If you’re concerned about how you’re going to pay for any of your mental health treatments, tapping into a health savings account can be a great option, especially if you’ve been contributing to the account for several years. Why not use tax-free funds to pay for your mental health care?

For more information on HSA accounts and to learn how you can use them for mental health care services, see:

Looking for online therapy that takes insurance? Get connected at Talkspace and check your eligibility today. 

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