BackHealth Saving Accounts
Since HSAs are tax-favored accounts created by the IRS, they are subject to a few basic tax rules. These rules are updated annually to keep up with inflation. You’ll always find the most current updates right here on www.HSAeducator.com. Check back often, because these rules are updated about once a year.
HSA Eligibility
In order to open an HSA, you must be “HSA Eligible.” IRS guidelines say that an HSA Eligible
Individual is anyone who:
Is under age 65 and not entitled to MedicareIs covered by an HSA-qualified High Deductible Health Plan (HDHP).Cannot be claimed as a dependent by another person.Isn’t covered by some sort of additional, non-HDHP insurance program.Eligible Expenses
HSA dollars spent on “qualifying medical expenses” remain tax-free. The good
news is this: a lot of expenses qualify.Eligible HSA expenses include but, not limited to, all your major medical expenses, like:
doctor visitsspecialist visits (like chiropractors, dermatologists, and mental health specialists)hospital visitsprescription drugslab testsambulance ridesimmunizationssmoking cessation programsdiabetic suppliessurgery feesacupuncturetherapy equipmentand moreYour HSA will also pay for non-cosmetic dental and vision expenses, like teeth cleanings, eyeglasses, regular dental cleanings and eye exams, and contact lenses—and even your contact lens solution! You can even use your HSA to pay for many over-the-counter drugs, like cough syrup, pain relievers, allergy medication, and more.
Finally, your HSA dollars cover the expenses of you, your spouse, and your dependents – even if you only have self-only insurance coverage!
