Are Cold Plunges and Ice Baths HSA/FSA Eligible? How to Save on Your Purchase

Cold plunges and ice baths are becoming increasingly popular for their numerous health benefits, including improved recovery, reduced inflammation, and enhanced mental clarity. However, investing in a high-quality cold plunge can be costly, leaving many to wonder if they can use their Health Savings Account (HSA) or Flexible Spending Account (FSA) to help cover the cost. The good news is, you can! At Havenly, we’ve partnered with TrueMed to make our cold plunges HSA/FSA eligible, allowing you to save on your purchase by using pre-tax dollars. In this article, we’ll explain how cold plunges qualify for HSA/FSA purchases, the benefits of using these funds, and how to navigate the process.

Is a Cold Plunge or Ice Bath HSA/FSA Eligible?

Yes, cold plunges and ice baths can be HSA/FSA eligible, but there’s a specific process to follow. Cold plunges are recognized for their therapeutic benefits, including enhanced muscle recovery, reduced inflammation, and boosted immune function. To qualify for HSA/FSA funds, you typically need a Letter of Medical Necessity (LMN) from a healthcare provider. This letter must outline a specific medical condition that justifies the use of a cold plunge as a treatment or preventative measure.

With our partnership with TrueMed, Havenly makes it easier than ever to use your HSA/FSA funds for purchasing a cold plunge. Here’s how you can do it:

1. Fill Your Cart: Add your desired cold plunge to your cart and proceed to checkout.

2. Choose “TrueMed - Pay with HSA/FSA” during the checkout process.

3. Complete the Health Assessment: Take a quick 3-minute survey to determine whether you qualify to use HSA/FSA funds for your purchase.

4. Get Evaluated: Our medical practitioner partners will review your intake form. If approved, you'll receive a Letter of Medical Necessity (LMN), which you’ll need to keep for compliance reasons.

5. Confirm Your Order and Save: Once your purchase is approved, you’ll enjoy savings of 30-40% on your order!

For more details, visit our HSA/FSA Funds page.

Understanding HSA and FSA: What’s the Difference?

Before you use your funds, it’s essential to understand how HSAs and FSAs work. Both accounts offer tax advantages but differ in terms of eligibility, contribution limits, and usage.

What’s an HSA?

A Health Savings Account (HSA) is a tax-advantaged account that allows you to save money for qualified medical expenses. Contributions to an HSA are tax-deductible, and the funds grow tax-free. The money in an HSA can be used for a wide range of medical expenses, including copays, prescriptions, and now, even cold plunges.

• Eligibility: To contribute to an HSA, you must be enrolled in a High-Deductible Health Plan (HDHP). These plans are available through the Health Insurance Marketplace and the Small Business Health Options Program (SHOP).

• Advantages: HSAs have no expiration date, meaning you can carry over funds year after year. Additionally, the account is owned by you, so you keep it even if you change jobs or retire.

• Contribution Limits: In 2024, the contribution limit is $4,150 for individuals and $8,300 for families.

For more information on HSAs, you can visit the official Centers for Medicare & Medicaid Services (CMS) guide.

What’s an FSA?

A Flexible Spending Account (FSA) is also a tax-advantaged account but differs from an HSA in a few key ways. FSAs are usually offered by employers, allowing employees to set aside pre-tax dollars for eligible medical expenses.

• Eligibility: FSAs are available with any type of health insurance offered through an employer.

• Advantages: FSAs allow you to put part of your paycheck into the account before taxes, reducing your taxable income. However, FSA funds generally need to be used within a fiscal year, with limited carryover options.

• Contribution Limits: In 2024, the contribution limit for an FSA is $3,200 per individual.

For more details on FSAs, you can visit the Healthcare.gov FSA page.

HSA vs. FSA: Key Differences

To help you better understand the differences between HSA and FSA, here’s a comparison table:

(Details in the table are based on current IRS regulations. We recommend visiting the IRS website regularly to stay updated on any changes that might affect your decisions.)

Why Are Our Cold Plunges Eligible for HSA/FSA?

Cold plunges are increasingly recognized for their profound health benefits, from reducing muscle inflammation and improving recovery times to boosting mental clarity. However, to use HSA/FSA funds to purchase a cold plunge, you’ll need a Letter of Medical Necessity (LMN). This letter serves as proof that your cold plunge purchase is a necessary medical expense, prescribed to treat or alleviate a specific condition.

At Havenly, we’ve partnered with TrueMed to streamline this process. TrueMed allows our customers to use HSA/FSA funds to buy a cold plunge, provided they obtain an LMN. Here’s how it works:

1. Determine Eligibility: When purchasing a cold plunge from Havenly, you’ll fill out a form to assess whether you qualify for an LMN.

2. Medical Review: Your responses will be reviewed by our partnered healthcare providers. If eligible, you’ll receive your LMN, which you’ll need to keep on file for compliance.

3. Use Your Funds: Once you have your LMN, you can use your HSA or FSA funds toward your cold plunge purchase, enjoying savings of up to 30–40%.

For more information on obtaining a Letter of Medical Necessity, you can refer to the Department of Labor's guidelines.

Benefits of Buying a Cold Plunge with HSA/FSA

Purchasing a cold plunge with your HSA or FSA funds not only makes the investment more affordable but also offers several health benefits:

1. Tax-Advantaged Savings

• Pre-Tax Dollars: By using your HSA or FSA, you can buy a cold plunge with pre-tax dollars, effectively reducing the overall cost by 30-40%. This makes cold plunges a more accessible investment for your home wellness routine.

2. Proven Health Benefits

• Physical and Mental Wellness: Cold plunges are officially considered eligible medical expenses due to their numerous health benefits, including reduced inflammation, enhanced muscle recovery, and improved mental clarity.

• Boosted Immune Function: Regular use of a cold plunge can strengthen your immune system, reduce stress levels, and even improve your sleep quality.

How to Use Your HSA/FSA for Your Cold Plunge Purchase at Havenly

Using your HSA or FSA at Havenly is straightforward, thanks to our partnership with TrueMed. Follow these steps:

If Your HSA/FSA Debit Card Has Sufficient Funds:

1. Add items to your cart and check out.
2. Select “TrueMed - Pay with HSA/FSA” as your payment option.
3. Complete the eligibility form and enter your HSA/FSA card details.
4. Finalize your purchase and enjoy your savings!

If Your HSA/FSA Debit Card Does Not Have Sufficient Funds:

1. Click on the “Get pre-qualified” link on the product page.
2. Complete the health assessment. If approved, you'll receive your LMN.
3. Use a personal credit card or PayPal to complete your purchase.
4. Submit your LMN and receipts to your HSA/FSA provider for reimbursement.

For more detailed instructions, visit our HSA/FSA Funds page.

Conclusion

Investing in a cold plunge is an investment in your long-term health and well-being. By using your HSA or FSA funds, you can make this investment more affordable while enjoying significant tax savings. With Havenly’s partnership with TrueMed, the process of purchasing a cold plunge with your HSA/FSA is simpler than ever. Whether you’re looking to enhance your physical recovery, mental clarity, or overall wellness, a cold plunge from Havenly is a worthwhile addition to your home.

Ready to take the next step? Explore our selection of cold plunges and start your journey to better health today with the added benefit of HSA/FSA savings!