I’ve heard Clark make fun of Christa because she pays $ 149 per month for her gym membership. Well, I pay nearly $ 300 per month for mine. My primary form of exercise is swimming and the expensive gym is the only one near me that has a decent pool (indoor and outdoor). I’m there 7 days a week so the cost per visit is pretty reasonable.
Today the gym (part of a chain) sent an email indicating that by using a service that they endorse, the monthly membership can be classified as medically beneficial. By taking a short survey and paying a $ 15 annual fee, the service will provide a “letter of necessity” that means the membership qualifies as an expense that can be paid using FSA and HSA dollars.
I’ve been contributing to an HSA for nearly 20 years and I’ve got quite a nice chunk of money there (invested at Fidelity, BTW). I’ve taken Clark’s advice and have not used the HSA account to pay for any medical expenses because I can pay those out of pocket without difficulty.
But the lure of effectively reducing the cost of the gym membership by 30+% (I’m in a high tax bracket) is making me consider using the HSA money.
Should I do it?