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Who we are. Investor information. Health section. What's an HSA, and why should you have one? To be eligible to open an HSA , you must have a special type of health insurance called a high-deductible plan. HSAs and high-deductible health plans were created as a way to help control health care costs. The idea is that people will spend their health care dollars more wisely if they're using their own money. Like any health care option, HSAs have advantages and disadvantages.
As you weigh your options, think about your budget and the health care you're likely to need in the next year. If you're generally healthy and you want to save for future health care expenses, an HSA may be an attractive choice. Or if you're near retirement, an HSA may make sense because the money can be used to offset the costs of medical care after retirement.
On the other hand, if you think you might need expensive medical care in the next year and would find it hard to meet a high deductible, an HSA and high-deductible health plan might not be your best option. Your employer may offer an HSA option, or you can start an account on your own through a bank or other financial institution. To qualify, you must be under age 65 and have a high-deductible health insurance plan.
If you have a spouse who uses your insurance as secondary coverage, he or she also must be enrolled in a high-deductible plan. This high-deductible health plan must be your only health insurance. However, you can have dental, vision, disability and long-term care insurance. As its name implies, it's a health insurance plan that has a high deductible. A deductible is the amount of medical expenses you must pay each year before coverage kicks in.
While the deductible is high with this type of plan, the premium the regular fee you pay to obtain coverage is typically lower than it is for traditional plans. Also, many preventive services, such as mammograms, are covered before a deductible is met. You can use your HSA to pay deductible expenses, as well as copays and some other health care expenses that are determined by the individual HSA.
High-deductible health plans are becoming increasingly common. Businesses are more likely to offer them as their only plans or as one of the limited options they provide. It's critical to carefully review the plan's coverage details, including the out-of-pocket maximum — the limit on how much you would have to pay for medical expenses in a year.
Once you're enrolled in Medicare, you can't continue making contributions to your HSA. Artificial limb - Medical expenses paid for an artificial limb are reimbursable. Back brace - Expenses paid for a back brace are reimbursable when submitted with a member's explanation of necessity. Batteries - Expenses paid for the purchase of batteries are reimbursable when they are used for the sole purpose of an item that is also covered.
This would include, but not be limited to, batteries for blood pressure machines, wheelchairs, heart defibrillators, etc. Request for reimbursement should include a description of the item the batteries are purchased for.
Benefit maximum - Expenses denied by medical insurance as benefit maximum s have been exhausted are reimbursable. Birth control pills and devices - Medical expenses paid for birth control pills, injections and devices are reimbursable. Braille books and magazines - The amount by which the cost of Braille books and magazines for use by a visually impaired person exceeds the price for regular books and magazines is reimbursable.
Breast augmentation - Expenses related to breast augmentation such as implants or injections are not reimbursable because the procedure is cosmetic in nature. However, medical costs related to the removal of breast implants that are defective or are causing a medical problem are reimbursable.
Breast reduction - Medical expenses related to breast reduction surgery are reimbursable only with a physician's diagnosis letter explaining that the procedure is medically required and not for cosmetic purposes that is, to prevent or treat an illness or disease. Breathing strips - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Capital expenses - If their main purpose is medical care, capital expenses paid for special equipment installed in a participant's home or for improvements to the home are reimbursable.
Pay yourself back for medically necessary special equipment. Car - Medical expenses are reimbursable for special hand controls and other special equipment installed in a car for the use of a person with disabilities.
Also, the amount by which the cost of a car specially designed to hold a wheelchair exceeds the cost of a regular car is a reimbursable medical expense. However, the cost of operating a specially-equipped car is not reimbursable.
See Transportation. Childbirth classes - Expenses for childbirth classes are reimbursable, but are limited to expenses incurred by the mother-to-be. Expenses incurred by a "coach"— even if that is the father-to-be are not reimbursable if they are billed separately. To qualify as medical care, the classes must address specific medical issues, such as labor, delivery procedures, breathing techniques, and nursing.
Newborn classes are not eligible. Christian Science practitioners - Medical expenses paid to Christian Science practitioners are reimbursable. Clothing - The cost of clothing - even if prescribed - that substitutes for normal clothing is not deductible. However, prescribed special clothing purchased to alleviate or treat an illness or disease is reimbursable only to the extent that the cost is greater than the cost of the item s commonly available.
Your employer determines which health care expenses are eligible under an HRA. To determine if a specific expense is paid by your HRA, please refer to your coverage plan.
Compound medications - Medications produced by medical professionals to treat a medical condition are reimbursable. Conference - Amounts paid by an individual for admission and transportation expenses to a medical conference relating to the chronic disease of the individual or individual's eligible dependent are deductible if the costs are primarily for and essential to the medical care of the chronic disease. The cost of meals and lodging while attending the conference are not deductible as medical expenses.
The claim submission must include the diagnosis. Copies of medical records or radiographs - Payments required to have medical records or radiographs duplicated are reimbursable. Corn pads - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Cosmetic procedures - Medical expenses for cosmetic procedures are reimbursable only if the procedure is necessary to improve a deformity arising from, or directly related to, a congenital abnormality, a personal injury resulting from an accident or trauma, or a disfiguring disease.
However, medical expenses paid for other cosmetic procedures are not deductible medical expenses under Code Section d , and thus are not reimbursable. This applies to any procedure that is directed at improving the patient's appearance and does not meaningfully promote the proper function of the body or prevent or treat illness or disease.
For example, face lifts, hair transplants, hair removal electrolysis , liposuction, teeth bleaching and dental veneers are generally not deductible. If there is a concern that a medical or dental procedure could be considered cosmetic, a medical diagnosis is required. Cough, cold and flu medicines - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. CPR classes - Expenses paid for CPR classes as part of birthing classes are reimbursable, otherwise a physician's diagnosis letter for the family member is required.
Dancing lessons, swimming lessons, etc. Day-after pill - Expenses paid for the purchase of pills to eliminate pregnancy risk are reimbursable. Deductibles - Medical insurance deductibles and coinsurance amounts under the employer's plan are reimbursable. Dental Enamel Micro-Abrasion - This is also known as dental bleaching. Service is covered with a medical diagnosis.
Dental treatment - Medical expenses for dental treatment are reimbursable. This includes fees paid to dentists for X-rays, models and molds, fillings, braces, extractions, dentures, dental implants and the difference in cost from insurance-approved restorations and alternative materials, etc. Veneers are covered only when medically necessary, but are not covered for purely cosmetic reasons. See Cosmetic procedures. Diaper service - Payments for diapers or diaper services are not reimbursable unless they are needed to relieve the effects of a particular disease.
Donor egg extraction - Procedural expenses paid for the process of donor egg extraction to treat infertility are reimbursable. Doula - Expenses paid for a doula whose primary purpose is for delivery of the infant are reimbursable.
Charges where the primary purpose is child care after delivery are not covered. An explanation of the primary purpose should accompany the claim. Dry cast, protectors - Expenses paid for the purchase of dry casts and bandage protectors are reimbursable. Ear wax removal - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Electric toothbrush - Expenses paid for the purchase of electric toothbrushes are reimbursable when submitted with a medical diagnosis.
Electric toothbrush replacement brushes are not reimbursable. Embryo storage - Expenses paid for embryo storage are reimbursable. Medical diagnosis is required.
Employment-related expenses - Employment-related expenses such as employment physicals are not reimbursable. Note, however, that physical exams that are not employment-related are reimbursable.
See Physical exams. Exercise equipment - The cost of exercise equipment for general well-being is not reimbursable unless submitted with a medical diagnosis. Eye drops - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Facial cleansers, toners, moisturizers - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Fee for credit card payment - Fee is eligible when the provider or dependent care provider bills a fee for paying with a credit card.
Fitness programs - Fitness programs for general health are not reimbursable unless submitted with a medical diagnosis. Fluoride, prescribed - Expenses paid for fluoride toothpaste or rinses prescribed to treat a specific medical condition are covered.
Forms Completion - Charges incurred by the member for provider completion of required forms i. Gift cards - Gift cards can be used to purchase items and the receipts for those items can then be submitted for reimbursement. Guardianship fees - Fees associated with establishing guardianship for an incapacitated individual are reimbursable.
Heartburn medicines - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; Covered to alleviate or treat injuries or sickness, see Over-the-counter medications. Herbs - The cost of herbs taken for general well-being are not reimbursable. However, the cost of herbs taken to alleviate a specific medical condition are reimbursable.
Home urine test kit - Expenses paid for home urine test kits are reimbursable. See Kits. Hormone replacement therapy - Hormone replacement therapy hormone pellets are covered with a medical diagnosis.
Hospital - Expenses incurred as a hospital in-patient or out-patient for laboratory, surgical and diagnostic services qualify as medical expenses. Hot pads, creams, and patches - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications.
Household help - The cost of household help, even if recommended by a doctor, is prohibited. However, certain expenses paid to an attendant providing nursing-type services are reimbursable. See Nursing services. Human guide - Expenses for a human guide - to take a blind child to school, for example - are reimbursable. See Guide dog or other animal. Hypnobirthing Classes - This is a childbirth method that focuses on preparing parents for gentle birth including techniques of deep relaxation, visualization, and self-hypnosis and is covered.
Hypnotherapy - Expenses paid for hypnotherapy are reimbursable when prescribed by a physician as therapy to treat a medical condition. Impotence or sexual inadequacy - Medical expenses related to the treatment of impotence are reimbursable. Indigestion medicines - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications.
Infant formula - The cost of infant formula is not covered, even if the mother was not capable of breast feeding. Infertility - Medical expenses related to the treatment of infertility are reimbursable. Eligible expenses may include egg storage, egg donor costs, infertility monitors, in-vitro fertilization, and sperm washing.
Surrogate costs associated with a qualified dependent of the taxpayer are reimbursable and may include such things as blood compatibility testing and psychological exams. If the surrogate mother is not a qualified dependent of the taxpayer, the costs that the surrogate mother incurs are not reimbursable. Storage costs associated with the freezing of blood cords, embryos, placentas and sperm sperm banks are generally reimbursable when a specific medical condition exists.
Additionally, these costs are reimbursable only for a limited period until they can be used to treat the existing condition generally up to one year. Pre-seed moisturizer is not reimbursable.
Insect repellent - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Under an HRA and HSA, the following premiums are reimbursable: long-term care insurance, Medicare Part A or B, Medicare HMO and employer-sponsored retiree health insurance premiums, and premiums for a health plan during a period in which an individual is receiving retirement compensation.
Interest - Interest incurred because payment to a health care provider is delinquent is not covered. Kits - Expenses paid for kits such as first aid, home test, pregnancy kit, snake bite and bee sting are reimbursable. Lasik eye surgery - Radial keratotomy RK , or other corrective eye surgery such as lasik surgery is a deductible expense under IRS Section d and is reimbursable. Late Charges - Charges incurred because payment to a health care provider is delinquent are not covered.
Laxatives - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Lead-based paint removal - The cost of removing lead-based paints from surfaces in a home to prevent a child who has or has had lead poisoning from eating the paint are reimbursable. These surfaces must be in poor repair peeling or cracking or within the child's reach.
The cost of repainting the scraped area, however, is not reimbursable. Learning disability - Tuition payments to a special school for a child who has severe learning disabilities caused by mental or physical impairments, including nervous system disorders, are reimbursable.
Also, tutoring fees for a child's tutoring by a teacher who is specially trained and qualified to work with children who have severe learning disabilities are reimbursable. See Schools, special. Legal fees - Legal fees paid to authorize treatment for mental illness are reimbursable.
However, any part of a legal fee that is a management fee, for example, a guardianship or estate management fee, is not reimbursable.
Services provided by a range of organizations and individuals may be reimbursable, including care provided by hospitals, medical doctors, dentists, eye doctors, chiropractors, nurses, osteopaths, podiatrists, psychiatrists, psychologists, physical therapists, acupuncturists, psychoanalysts and others.
Lice Treatment - Effective January 1, , a doctor's prescription for reimbursement is no longer needed ; see Over-the-counter medications. Lodging and meals - The cost of lodging and meals at a hospital or similar institution are reimbursable if the employee's main reason for being there is to receive medical care.
Like catch-up contributions for retirement accounts, this is for account holders who are at least age However, relatively few employees take advantage of this provision, according to Willis Towers Watson. Adult children can be covered until age 26 under their parents' insurance, even if they're married or not living with the parents.
Because you can leave your HSA funds in your account as long as you want, one strategy for long-term savings is to pay cash for current medical expenses instead of using your HSA.
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