The Samsung Galaxy Ring has become eligible to be called a medical device under certain HSA rules in the US. This could set a precedent for users to claim reimbursement for Over The Counter (OTC) commercial devices that do not need a prescription.
Samsung Galaxy Ring can be considered a medical device
The wearable market took a huge leap recently when two Apple devices secured FDA approval as medical devices. The Apple AirPods Pro 2 can serve as hearing aids and the Apple Watch can help detect sleep apnea.
FDA approval is just the first, but very important, milestone. The Samsung Galaxy Ring has gone a step further. According to Android Authority, Samsung’s new Galaxy Ring has become eligible for reimbursement. Simply put, buyers can recoup the amount they paid for the smart ring if they meet certain criteria.
The Samsung Galaxy Ring has reportedly become eligible to be considered a “medical device” under FSA and HSA rules. US citizens must have a Flexible Spending Account (FSA) or Health Savings Accounts (HSA) to claim reimbursement.
FSA and HSA accounts are different from standard health insurance. US citizens can open these accounts and pay for medical expenses that aren’t already covered by their insurance. Civilians build a corpus in these accounts by setting a portion of their income aside for medical expenses before the government takes its regular cut.
Usually considered an employee benefit, US citizens can deposit money in these accounts to lower their taxable income. While employers open FSAs for their employees, individuals own HSAs. There are a few prerequisites to having these accounts, one of which is to have a high-deductible health plan.
Buying a Galaxy Ring is now a medical expense?
This is a big step forward for smart rings, smartwatches, and other wearable devices. If the Samsung Galaxy Ring can count as a medical device, several other wearables could qualify too.
Samsung has assured that getting an HSA/FSA to reimburse a Galaxy Ring isn’t a complicated process. After buying a Galaxy Ring, buyers should submit the required information to an eligible HSA or FSA plan. If there are sufficient funds in these accounts, buyers get a reimbursement for the purchase of a Galaxy Ring.
It is a US citizen’s, not the US government’s money in the HSA or FSA. In other words, this isn’t exactly a reimbursement. However, this approval confirms OTC devices can now be eligible for reimbursement from the FSA or HSA accounts if they qualify as medical devices that do not need any prescription.