Flexible spending accounts (FSAs) and health savings accounts (HSAs) can be great ways to save money on health care—especially if you’re strategic in how you use the funds. For instance, using these accounts to help make lab tests and health screenings more accessible when you want to be proactive about your health and can be a great way to maximize your benefits.
Being more proactive about your health is especially important as we continue to live with the COVID-19 pandemic. Research has shown that many in the U.S. put their routine and preventative health care on hold to avoid exposure to the SARS-CoV-2 virus. A CDC report found that 41% of U.S. adults had delayed or avoided medical care, including urgent or emergency care and routine care. This routine preventative care monitors our health and catches serious conditions.
If you've put off your annual health checkup, there are easy ways to start getting the routine care you need.
So how can the funds in your FSA or HSA help you get a handle on your health and routine care? Beyond out-of-pocket health care costs like over-the-counter products, prescriptions and copays, you can also use FSAs and HSAs to purchase lab tests and health screenings directly. These tests investigate a wide range of issues from Vitamin B12 and Vitamin D levels to diabetes risk to heart health, liver health, anemia, fertility, and food allergies, as well as the same blood tests a doctor will order for you at your annual physical or yearly exam.
Having access to lab tests you can purchase on your own means having options. It allows you to be more proactive when it comes to your routine health care and monitoring previously diagnosed conditions. It might be a good option for you for some of the following reasons:
- Ease and Convenience—Shop for and purchase OnDemand tests online, and pay using a credit card or an FSA or HSA debit card. (Besides COVID-19 tests that meet clinical guidelines, lab tests for routine health and wellness screening that you purchase directly are not covered by insurance; however, they are FSA and HSA eligible, and using those dollars to cover lab tests and health screenings can make the most of your health care budget. ) Once purchased, visit a local Labcorp location for sample collection at any of our nearly 2,000 locations across the nation—or, for an at-home test, simply follow the instructions to provide your sample collection in the comfort of your own home. Then safely and securely view your results online in your Labcorp OnDemand account. (For any results that require prompt attention, you’ll also be contacted by phone or mail.)
- High Deductible Insurance Plans—Self-initiated lab tests aren't covered by insurance and don’t apply to annual deductibles. If you have a high deductible insurance plan, ordering tests directly using your HSA or FSA funds can be more affordable than going through your doctor and being billed. You can always share you rresults with your doctor.
- Privacy—Order your own test for convenience, flexibility and privacy. You can initiate a test prior to seeing a health care provider. (For instance, say you want an STD test but would rather just get straight to the results privately before making an appointment to visit your doctor.)
- Information, Preparation and Empowerment—Being proactive and ordering lab tests yourself can mean showing up to your next appointment more informed and empowered—and able to ask the right questions to help guide your care.
Whether you choose to catch up on your routine care by visiting a doctor or purchasing your own test through Labcorp OnDemand, we hope you and the people you care about will take every opportunity to make your overall health a priority. At Labcorp, we’re ready and available with the access and answers you need to make way for better health.
