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A Health Savings Account (HSA) is like a bank account that is funded with tax-deductible dollars and can be used to pay for qualified medical expenses. Remaining balances roll over from year to year and earn interest tax-free. For additional information on HSA accounts please see the freqently asked questions below and then contact us for additional information.
Most individuals enrolled in a qualified High-Deductible Health Plan (HDHP) may establish a Health Savings Account (HSA). It is a person’s responsibility to check with his or her insurer or health plan administrator to make sure their HDHP is HSA-eligible.
In addition, a person:
If HSA funds are used to pay for a non-eligible expense, the funds will become taxable income and may also have a 20% tax penalty. This penalty does not apply however if age 65 or older or disabled at the time of the withdrawal for a non-eligible expense. However, this withdrawal will be subject to income taxes.
Qualified medical expenses include the portion of costs associated with services typically covered by a health care plan, such as office visits, emergency room services, and hospitalization that are not reimbursed by insurance. These include medical plan deductibles and coinsurance. Qualified medical expenses also include costs for prescription drugs, vision expenses, including eyeglasses and contact lenses, as well as non-cosmetic dental expenses.
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