Health Savings Accounts allow you to set up a 100% tax-deductible HSA account to pay for many types of out of pocket medical expenses. These include many types of qualified expenses that are often not covered by most insurance policies.
Please note that since 2011 the rules changed and over the counter medications are only allowable if prescribed by a doctor in the same state in which they were purchased. Also note that since 2011 the tax penalties for non-qualifed withdrawls increased to 20%.
Below is a partial list of Qualified Expenses for HSA’s*
Capital expenditures – Home modifications for
handicapped. Primary purpose must be medical care
Car equipped to accommodate wheelchair and/or
Childbirth preparation classes (mother)
Christian Science treatment
COBRA health care continuation premiums
Contact lenses replacement insurance
Deaf persons – Hearing aid and batteries,
Hearing aid animal and care, Lip reading expenses, Special education,
Domestic aid – rendered by nurse
Drug addiction recovery
Dyslexia language training
Employee share of premiums for employer
sponsored health insurance.
Eyeglasses and examination fee
Fluoride device (on advice of dentist)
Halfway house (adjustment to mental hospital)
Healing services fees
Health care coverage while an employee is
receiving unemployment benefits.
Lead paint removal
Lasik Eye Surgery
Lifetime medical care (Prepaid; retirement
Long term care premiums that qualify
Mattress (prescribed for alleviation of
Medicare Part A or B premiums if over age 65,
but not Medigap policies
Membership fees (association furnishing
medical services, hospitalization, and clinical care)
Nursing home (medical reasons)
Nursing services (board and Social Security
paid by taxpayers)
Orthopedic shoes (excess costs
Pregnancy expenses – most
Retarded person’s costs for special home
Schools (special, relief, or handicapped)
Sexual dysfunction treatment
Swimming pool (treatment of polio or
Therapy treatments (prescribed by a physician)
Transportation (essentially and primarily for
Wheelchair or autoette
Health Savings Accounts are the biggest advancement in health care financing in years is available to anyone in Colorado with our HSA qualifying medical plans! Call Colorado Health Insurance Brokers at 800-416-4481 for more information and a free quote or Get a free instant HSA quote.
* See the current IRS Regulations for a list of qualifying medical expenses. You may also reference the most current IRS Publication 969 and the IRS HSA Questions and Answers bulletin and www.irs.gov for more information on HSA’s and IRS rulings and www.ustreas.gov for Treasury Department rulings. Federal and state regulations are subject to change. Colorado Health Insurance Brokers are not engaged in rendering tax, investment or legal advice. If tax, investment or legal advice is required, seek the services of a licensed professional.
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