Guess What? Wave Coaching Could be Covered by Your HSA or FSA!

Hello Wave community!

Did you know that your Wave mental health coaching sessions might be eligible for reimbursement through your Health Savings Account (HSA) or Flexible Spending Account (FSA)?

This means that the cost of your mental health coaching, a crucial part of maintaining emotional wellbeing, could potentially be paid for using pre-tax dollars from your HSA or FSA account. It’s a big deal.

But before you rush off to file a claim, let's walk you through what this means.

The Basics: HSA and FSA

For those of you who are unfamiliar with these terms, an HSA (Health Savings Account) and an FSA (Flexible Spending Account) are accounts that allow you to put aside pre-tax dollars for health-related expenses.

An HSA is typically tied to high-deductible health insurance plans and the unused funds can roll over into the next year. An FSA, on the other hand, is managed by employers and contributions generally need to be used within the plan year.

Both of these accounts can be used to pay for various medical services, and we are thrilled to announce that your Wave coaching sessions might now qualify under this umbrella!

Why Mental Health Coaching?

According to a report by the National Institute of Mental Health (NIMH), nearly 1 in 5 adults in the United States (or approximately 51.5 million people) experienced mental illness within the past year. Mental health issues often overlap with other health conditions, but they can be effectively managed or prevented, often through measures such as mental health coaching.

Wave coaching sessions provide personalized guidance and tools to improve your emotional wellbeing, helping you understand the psychology behind your emotions and develop skills to better manage feelings. Now, with the possibility of reimbursement through HSA/FSA, it's easier than ever to access this valuable support.

How to Get Reimbursed

So, how do you go about using your HSA or FSA for Wave coaching?

The key is to obtain a 'Letter of Medical Necessity' from your physician. This letter indicates that your Wave coaching sessions are part of a treatment plan for a specific medical condition, which could include stress, anxiety, depression, or another mental health issue.

Here's a quick guide on how you might phrase such a request to your physician:

Dear [Physician's Name],

I would like to discuss my current treatment plan, specifically the incorporation of health and wellness coaching through Wave. This is a professional service that focuses on mental health improvement and emotional wellbeing, which I believe could significantly benefit my overall health. If you agree, could you please provide me with a 'Letter of Medical Necessity' for this service, which is required for me to seek reimbursement from my HSA/FSA?

Thank you for considering my request.

For another template letter to your doc and answers to more FAQ, go here. Remember, every HSA/FSA is different, so it's important to check with your specific plan or account to see what steps need to be taken to get reimbursed.

We at Wave are so excited about this opportunity to make mental health support even more accessible for our community. If you have any questions about this process, please don't hesitate to reach out. We're here to help you ride the wave to better mental health!

Be well,

The Wave Team