As telehealth continues to expand, federal and state governments and insurance companies have begun adopting their policies related to health care coverage. Many online telehealth services have begun accepting coverages that include health savings accounts and flexible saving accounts to help pay for telehealth visits. Still, due to how relatively new telemedicine is, many patients are unsure how to pay for their visits. If you possess a health savings account or flexible spending account, these payment models can offer the best potential for your visits, and we’re here to show you how to pay for your visits with ease.
The Reimbursement Process and Your Telehealth Care
The advantages of telemedicine have only been adopted in limited circumstances, as certain barriers prevent its adoption into major healthcare systems. One of those barriers includes the fee-for-service model, the predominant payment method currently used throughout the United States. Through this model, in-office visits are reimbursed to healthcare insurance providers.
Reimbursement is the process in which health care providers such as our practice work with multiple insurance panels by submitting claims to receive payment. This process allows low-cost healthcare coverage for patients under the Affordable Care Act. Through billing your health insurance company, your insurance company essentially pays for your medical care and helps you save money and time receiving the care you need.
However, with the introduction of telemedicine, most healthcare providers who adopt virtual visits often get financially penalized due to denial of reimbursement or partial reimbursement to lesser amounts. Because of this ongoing issue, one of the ways to make your virtual visits easier is through using either a health savings account or a flexible spending account model as an alternative way to pay for your medical services.
How To Use HSA or FSA To Pay For Your Visit
Health savings accounts and flexible spending accounts are tax-advantaged accounts that allow you to pay for eligible medical expenses. A health savings account lets you save pre-tax dollars for your medical expenses. Flexible spending accounts are provided by your employer, taking a portion of your paycheck to help you save on average 30 percent on your healthcare cost. Both of these options work through these methods:
- Use Your HSA Account For Payment: Through a debit card connected to your HSA account, you can pay the remaining balance on a submitted claim that didn’t cover the full amount. This method works through knowing what your insurance company qualifies as a medical expense.
- Use Your FSA Account For Payment: With an FSA plan, your employer deducts a certain amount from each payment and can contribute to your FSA account. Using this account and its connected debit card can be used to pay for qualified medical expenses under insurance provided by your employer.
Our telemedicine services are FSA and HSA eligible. When you visit our office or plan a virtual visit, we can easily generate a fully comprehensive receipt submitted to your HSA or FSA plan for reimbursement.