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Health Savings Account – Qualified Expenses

Health Savings Account - Qualified ExpensesHealth 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*
 
  • Acupuncture
  • Alcoholism (treatment)
  • Alternative
    Medicines
    – as per IRS rulings
  • Autoette or wheelchair
  • Birth Control Pills
  • Braces
  • Capital expenditures – Home modifications for
    handicapped. Primary purpose must be medical care
  • Car equipped to accommodate wheelchair and/or
    handicapped controls
  • Childbirth preparation classes (mother)
  • Chiropractors
  • Christian Science treatment
  • COBRA health care continuation premiums
  • Contact lenses replacement insurance
  • Crutches
  • Deaf persons – Hearing aid and batteries,
    Hearing aid animal and care, Lip reading expenses, Special education,
    modified telephone
  • Dental fees
  • Dentures
  • Diagnostic fees
  • Doctor’s fees
  • Domestic aid – rendered by nurse
  • Drug addiction recovery
  • Drugs (prescription)
  • 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.
  • Hospital care
  • Laboratory fees
  • Lead paint removal
  • Lasik Eye Surgery
  • Lifetime medical care (Prepaid; retirement
    home)
  • Limbs (artificial)
  • Long term care premiums that qualify
  • Mattress (prescribed for alleviation of
    arthritis)
  • Medicare Part A or B premiums if over age 65,
    but not Medigap policies
  • Membership fees (association furnishing
    medical services, hospitalization, and clinical care)
  • 2003-38 I.R.B.559
  • Nursing home (medical reasons)
  • Nursing services (board and Social Security
    paid by taxpayers)
  • Obstetrical expenses
  • Operations (legal)
  • Optometrists
  • Orthodontia
  • Orthopedic shoes (excess costs
  • Osteopaths
  • Oxygen/oxygen equipment
  • Pregnancy expenses – most
  • Prosthesis
  • Prescription Medications
  • Psychiatric care
  • Psychologists
  • Psychotherapists
  • Remedial reading
  • Retarded person’s costs for special home
  • Schools (special, relief, or handicapped)
  • Sexual dysfunction treatment
  • Surgical fees
  • Swimming pool (treatment of polio or
    arthritis)
  • Teeth (artificial)
  • Therapy treatments (prescribed by a physician)
  • Transportation (essentially and primarily for
    medical care)
  • Vitamins (prescription)
  • Wheelchair or autoette
  • X-rays

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.

MORE HSA RESOURCES >>
HSA OVERVIEW
HSA HIGH DEDUCTIBLE HEALTH PLANS
HSA BANKING OPTIONS
HSA – ALTERNATIVE MEDICINE
HSA QUESTIONS AND ANSWERS
GET A QUOTE ON AN HSA QUALIFIED HEALTH PLAN

* 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.