AMA: Can I Use My Health Savings Account To Buy Tack?
I have a health savings account through my health insurance. It says that some sports equipment are covered by the HSA. Do you think a riding helmet or body protector vest would be covered through an HSA?
This is a great question and honestly a great perk that many equestrians may not know about. A health savings account is a tax-advantaged savings account that is usually offered with a high-deductible health insurance plan. HSAs are set up in a way to allow the individual to set aside money to pay for medical expenses with some tax benefits.
Contributions to the HSA are usually made by the employer who offers the plan and the individual on the plan. Money is put into the HSA often through payroll deductions, and that’s how they are pre-tax or often exempt from federal income taxes, Social Security or other taxes. Contributions can be made after-tax and then are deducted from your taxable income (like when you file your tax return). For more general information about HSAs, click here.
It’s important to remember that health insurance plans vary and so do the rules for HSAs. To know for sure if your riding equipment could be covered by your HSA, you should call your insurance company or ask for help from your Human Resources department. But generally speaking, HSAs can cover medical appointments and procedures (like co-pays), prescriptions and medical equipment. Sometimes an individual is issued a debit card linked to their HSA account. Purchases can be made but receipts may need to be submitted for approval.
Personally, I’ve used an HSA account to pay for vet wrap and other wound care supplies that you can buy a normal drug store, and then used them for my horses.
We checked with Catherine Winter, owner of Rider EquiSafe, who sells a variety of safety gear and equipment for equestrians. She said plenty of customers have paid for helmets, vests and even safety stirrups through insurance HSAs.
So it sounds like it’s worth trying!
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