Tax-Subsidized Medical Expenses

Even though you have received a tax deduction by putting your money into this account, the money is still yours to spend tax free, as long as you spend it on qualified medical expenses.  Since you have a high-deductible plan, this would of course include any expenses you incur from going to the doctor, purchasing prescription drugs, or paying other expenses toward your deductible.  Once your deductible is met, the health insurance covers your medical expenses as defined in the policy.

In addition to being able to withdraw your money tax free to cover these types of expenses (which might otherwise be covered by a traditional low-deductible high-premium policy), you can use your HSA account to cover other costs that would not normally be covered by a health insurance policy.

These include:

  • Dental expenses.  Individuals can typically only purchase dental discount plans, or fairly expensive dental policies with a limited choice of dentists.  Coverage for braces is normally very limited.  However, any of these medically necessary procedures can be paid for from your HSA account.
  • Mental therapy.  This includes the charges of psychiatrists, psychologists, psychoanalysts, and psychotherapists.
  • Physical therapy.  This could include hydrotherapy, chiropractor services, or medical massage therapy.
  • Alternative treatments.  This could include acupuncture, Ayurvedic Medicine, aromatherapy, homeopathy, Traditional Chinese Medicine (TCM), nutritional consulting, or even healing services provided by a Christian Science Practitioner or other type healer.
  • Transportation and lodging expenses, when related to health care
  • Charges incurred as part of a preventive health program.  This could include vaccines, blood tests, metabolism tests, and other lab tests, and even fees paid to a health institute or vitamins if prescribed by a doctor.
  • Nonprescription medications, such as aspirin or cough syrup (these will no longer be considered qualified expenses after January 1, 2011)
  • Special fees incurred by handicapped individuals, including wheelchairs, telephone or TV equipment to assist the hard-of-hearing, the cost and care of guide dogs, or special school costs for the handicapped
  • Maternity expenses that are not covered by your health insurance policy
  • Insurance premiums to pay for qualified long-term care (See our Long Term Care page for more information.)

Also note that the HSA account can be used to pay these expenses for any spouse or dependent member of the family including same sex and domestic partners,even if they are not covered under the insurance policy.

More complete information can be seen on our HSA Qualified Expenses page.

HSA for America
749 S. Lemay Ave, Suite A3-116
Fort Collins, CO 80524
Contact Us

Click for the BBB Business Review of this Insurance - Accident & Health  in Fort Collins CO

Disclaimer: All information on this website is relayed to the best of the Company's ability, but does not guarantee accuracy. Information may be out of date. The content provided on this site is intended for informational purposes only and does not guarantee price or coverage. This site is not intended as, and does not constitute, accounting, legal, tax, and/or other professional advice. Determination of actual price is subject to Carriers.