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HSAs Have Your Back When it Comes to Your Mental Health

May 13, 2020 8:00:00 AM

We’re living in unprecedented times.

The coronavirus pandemic has added a great deal of stress, anxiety and uncertainty to most of our lives. Those feelings can oftentimes become overwhelming and seriously impact our mental health. In fact, according to recent polls, nearly 45% of adults in the U.S. reported that their mental health has been negatively impacted due to the coronavirus.

While the surge in mental health consequences brought on by the COVID-19 crisis has been substantial, it’s also helped shine a light on the importance of mental health and self-care—through these challenging times, as well as into the future. And with many seeking resources and help for an array of mental health and substance abuse issues, it’s important for those with health savings accounts to understand how their HSA can help them if and when they need mental health services or care.

In times like these, it’s good to find the positive even in challenging situations. And when it comes to the topic of mental health, it’s a positive that HSAs have your back and can help you with your mental health and well-being whenever you need it.

Care for Your Mental Health Qualifies for HSA Reimbursement

In times of crisis and anytime, mental health services and care, including care for substance abuse, are HSA-qualified expenses and can be paid for using your HSA funds. Even if your insurance plan itself doesn’t cover mental health services, you can still use your HSA funds to cover the costs. And it’s not just one service or type of care that qualifies for HSA reimbursement. You’re able to use your HSA for mental health services like:

    • Medical or mental counseling, including physical or virtual/telehealth appointments with psychologists, psychiatrists, licensed social workers and other mental health professionals
    • New or ongoing therapy
    • Short or long-term psychiatric care, rehab or substance abuse facility costs
    • Prescription drugs and even over-the-counter medications, supplements and other products

Bottom line—mental health expenses are eligible for HSA reimbursement.

Knowing You Can Use Your HSA for Mental Health Helps Ease Your Stress and Boost Your Well-Being

Using your HSA to cover the costs of any qualified expenses, including mental health care, is a smart and easy way to save you money and time. But along with that, simply knowing you can use your HSA to pay for mental health related expenses if you need to can help ease stresses that can negatively impact your mental health and overall well-being.

Especially in trying times like these, having a bit of certainty is a great thing. And your HSA is a sure thing you can rely on if and when you need it for anything related to your mental health. That’s a win, and one less thing you need to worry about now and even when life returns to “normal.”

Stay Strong in Times of Crisis, and Don’t Hesitate to Get Help if You Need it

Whether or not you have a health savings account, be sure you pay extra attention to self-care and your mental health during these times.

And if you or someone you know is in any type of crisis currently or happens to be in the future, please immediately reach out to a crisis hotline, your doctor, a mental health professional or a hospital. If you’re unsure where to go to find help, check out the Substance Abuse and Mental Health Services Administration (SAMHSA). They’re here for you to find help no matter where you are, for any type of mental health concern. You can also call the National Suicide Prevention Lifeline directly at 800-273-TALK (8255), or get free, 24/7 confidential support from Crisis Text Line via text message by texting 741741.

While we do many things here at Bend, we’re not medical or mental health professionals—we’re simply here to keep you informed and aware that if you have an HSA, you can use it for mental health expenses. We want the best for our accountholders and everyone else, and hope this information and these resources presented here are helpful.

Bend HSA – Here to Help You Take Control of Your Healthcare and Make the Most of Your HSA

We’ve all been facing uncertainty—and will continue to do so—in the days and months ahead. But one thing you can be certain of is that a health savings account is an excellent way to save big on taxes while boosting your bottom line, bettering your overall financial health and easing stresses that can negatively impact your mental health. With a health savings account, your HSA contributions aren’t taxed, your HSA contributions grow tax-free and any withdrawals from your HSA for qualified medical expenses—like mental health expenses—are also tax-free. Not to mention that with a Bend HSA, you can also make investments with your funds just like a 401(k).

With a Bend HSA, we make it easy for you to get control over your healthcare costs and make the most of your HSA, this time and any time. It’s one less thing to worry about in uncertain times.

If you’re already leveraging the Bend HSA advantage, thank you for your partnership. If you’re not, but ready to experience the best an HSA has to offer, get started today.

And more than anything, be sure to stay safe and healthy—physically and mentally—during these challenging times.

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