When most people seek chiropractic care they are usually expecting one adjustment to immediately correct their bodies. This reactive thinking has gotten our culture into a lot of trouble. In order for us to create massive change and make an impact, chiropractic care, like anything, takes time for lasting results. Whether it is building a business, getting more musculature, losing weight, reducing inflammation in the body, getting into a relationship, or becoming a master of an art, all processes require time.
With that said, it is everyone’s goal to maximize their hard earned money. It’s no coincidence that some of the more common questions we receive in the office are relating to saving money and the best way to pay for chiropractic care.
Best Payment Method
You can apply for a tax free program called a Health Savings Account (HSA). The people who qualify for these accounts have a minimum deductible of $1,250 and a maximum out of pocket of $6,250. If you do not know these two numbers for your insurance plan, then be sure to know them before applying for this tax savings account.
If qualify for care then your next step is to find a bank that has an HSA program.
The maximum amount in 2013 an individual can contribute to the account is $3,250, and $6,450 for a family. If you put $3,000 in the account and only use $2,000 that year, then the $1,000 difference stays in the account for following years because it never expires unlike, Flexible Spending Accounts. Another benefit to creating an account is you own the HSA, so if you find a new job or switch companies, the HSA will always be there.
If your company does not have HSA’s, I strongly recommend setting up an account and using it for your chiropractic services and other healthcare expenses. Whether you are paying monthly or up front for services, the most cost effective decision is to use an HSA card.
The chart to the right is taken from Wells Fargo’s HSA page and demonstrates how much money you could potentially save if you contributed $3,000 year to your account and used $500 in qualified medical expenses; your savings per year would be $2,500. With an annual return of 6%, this is what the account would look like after 5, 10, 15, and 20 years assuming a 28% federal tax bracket.
I hope that you find this suggestion for, what I believe to be, the best payment method for chiropractic care helpful. Please leave a comment below if you have any questions or if you’re already using an HSA account to pay for your care!