Yes, Hoka shoes are eligible for reimbursement with a flexible spending account (FSA) or health savings account (HSA). A Letter of Medical Necessity (LMN) is required to be eligible for reimbursement. Gel heel shock absorbing insoles and other foot care arch support inserts may also be eligible for reimbursement through an FSA or HSA.
Hoka shoes have been recognized by the American Podiatric Medical Association (APMA) Seal of Acceptance, which recognizes shoes that are beneficial to foot health. Hoka shoes can be purchased on Amazon.com and are marked as “FSA or HSA Eligible”.
What is Health Savings Account (HSA)?
HSAs (Health Savings Accounts) offer tax advantages to taxpayers with high-deductible health plans. Pre-tax funds can be saved and used as needed, reducing out-of-pocket expenses for qualified medical expenses. HSA funds roll over year after year, allowing account holders to save money.
Flexible Spending Accounts (FSAs) are similar to HSAs, but they have some important differences. In contrast to FSAs, which require users to use all of their money within a calendar year or risk losing their remaining funds, HSAs allow unused funds to be carried forward indefinitely.
Unlike FSA contributions, HSA contributions are not limited or subject to annual limits; individuals can contribute up to $3,500 per individual or $7000 per family each year without penalty – providing a larger tax benefit than FSAs can.
What is Flexible Spending Account (FSA)?
The Flexible Spending Account (FSA) is a form of employee benefit that allows employees to save pre-tax dollars for medical or childcare expenses. You can use an FSA to cover eligible healthcare costs, including copays, deductibles, prescription eyeglasses and contacts, and some over-the-counter medications.
FSA members must use all funds within their plan year in order to avoid losing any unused balances at the end of the year. FSA funds cannot be saved from one year to another; they must be used before they expire.
By setting aside pre-tax dollars for health care needs throughout the year, employees reduce their taxable income, reducing out-of-pocket costs significantly. If someone earns $50K/year and contributes $2K to an FSA account, then only $48K will be taxed in 2021 because the contributed funds have already been excluded from taxation.
By understanding these requirements and meeting them, you can confidently purchase Hoka Shoes using your FSA funds.
FSA Eligibility: Requirements
Flexible Spending Accounts (FSAs) allow you to set aside a portion of your pre-tax salary to pay for medical expenses. To be eligible to use FSA funds on Hoka shoes, there are certain requirements that must be met:
- The purchase must qualify as an “eligible expense” under IRS guidelines.
- You must provide proof of a prescription from a healthcare provider indicating the need for therapeutic shoes and/or orthotics or other inserts with the Hoka shoes. This will enable you to receive reimbursement from your FSA plan.
- Your employer’s insurance provider may have additional eligibility requirements that need to be fulfilled prior to making any purchases using flexible spending account funds.
Can Hoka Shoes Be Purchased with an FSA?
You can buy Hoka shoes with a Flexible Spending Account (FSA), which is a pre-tax account that allows you to save for healthcare and dependent care expenses. Medical items like orthopedic footwear, which includes Hoka shoes, are eligible for FSAs.
Make sure you keep all receipts when you buy Hoka shoes with an FSA card so if you get a question about whether they’re eligible expenses, you have enough documentation to file your claim. It’s important to note that not all organizations allow purchases of these items, so make sure yours does accept them as valid claims before you buy anything.
Are custom orthotics covered by FSA?
Custom orthotics are designed to fit an individual’s foot and provide support and protection and often you can wear orthotics with your Hoka. They are used to treat foot pain, ankle instability, arch problems, and heel pain.
Most FSA plans do not cover custom orthotics, but some FSA plans may cover prefabricated or over-the-counter orthotics if they are prescribed by your health care provider. In order for OTC insoles to be eligible for reimbursement with Flexible Spending Accounts (FSAs), certain criteria must also be met.
Ask your employer or insurance provider if your plan covers OTC orthotics. If prefabricated items like off-the-shelf shoe inserts are recommended by a doctor or other qualified healthcare professional and are medically necessary in treating an injury or condition, they may qualify for reimbursement.
Without additional components, orthopedic shoes – including Hoka shoes – usually do not qualify for FSA eligibility; however, it is always advisable to contact your FSA administrator before making any purchases to ensure that all expenses will be reimbursed when filing claims on behalf of your account holder.
Types of Hoka Shoes That Qualify for an FSA
Generally, any shoe prescribed by a doctor or podiatrist to help with a specific medical condition qualifies for a Flexible Spending Account (FSA). Among them are Hoka shoes that provide relief from heel pain, arch pain, plantar fasciitis, diabetes-related foot issues, and many others.
The Bondi 6 Running Shoe may qualify if you suffer from running-related foot problems, the Gaviota 2 Stability Shoes if your arches need extra support, the Clifton 8 Cushioned Running Shoes if you suffer from frequent joint pain, the Arahi 5 Road Shoes should you suffer from overpronation or flat feet, and the Cavu 3 Walking Shoe if you want superior cushioning.
Some specialty orthopedic stores also offer custom orthotics that are tailored to your unique gait and fit Hoka shoes. These are usually much more expensive than regular models, but can provide significant relief when needed due to their customized design features.
How to Prove Eligibility When Purchasing With An FSA Card?
With an FSA card, you must prove eligibility to buy Hoka shoes. Using an employee’s health FSA must be necessary and mainly for the treatment or prevention of a disease or illness, according to the IRS. You may need to provide several documents at checkout to show proof of eligibility when using an FSA card:
Prescription from a doctor detailing why the purchase is needed for treating or preventing a disease.
An itemized receipt showing the price of the product purchased.
Payment proof via an approved payment method (i.e., credit cards, checks, etc).
Before making any purchase with your FSA card, speak directly with your plan administrator as not all medical purchases qualify as eligible under FSAs – even if they are prescribed by a licensed physician. Some employers may also require detailed expense reports to verify eligibility for FSA payments.
How To Submit a Claim For Reimbursement Through Your Plan Administrator?
Here are some tips to make submitting a reimbursement claim to your plan administrator as easy as possible.
To begin with, you should contact your plan administrator to confirm that Hoka shoes are eligible for FSA funding under their specific guidelines. Most likely, they will have information about which items are eligible on their website.
The next step is to review the required documentation in order to submit a successful claim and to retain any relevant receipts or invoices. To be reimbursed in full, your plan administrator may require a receipt that identifies the provider, the date of the service rendered, and the amount paid.
When you’re ready to submit your claim for reimbursement, contact your plan administrator directly. In many plans, you can upload paperwork electronically; however, if yours does not, make sure you attach copies of all paperwork when mailing in your physical claims form.
Last but not least, be sure to submit at least one proof-of-payment for purchases made outside of the healthcare provider network covered by insurance companies (e.g., online stores selling Hoka shoes).
Benefits of using an FSA to purchase Hoka Shoes
Flexible spending accounts (FSAs) are great for buying Hoka shoes. With an FSA, employees can save pretax dollars from their paychecks to buy items like Hoka shoes that would otherwise be prohibitively expensive. A FSA is a great choice for someone seeking quality footwear at an affordable price who is suffering from plantar fasciitis or other foot problems.
Since FSA funds are tax-free, you can stretch your money further than if you paid out of pocket. No matter what your budget, you can still get Hoka’s shoes without straining it with their comfort and support. Before buying Hoka shoes outside your FSA, check with your company to see if they offer additional discounts on products purchased through the account.
As another advantage of using an FSA to purchase Hoka shoes, most plans will cover up to $2,500 each year, depending on how much is allocated in advance by the employee and the employer. The extra financial assistance allows customers to shop confidently knowing they can make purchases within their plan’s parameters – such as choosing Hokas rather than other brands – with some wiggle room.