What are qualified expenses for an HSA account?

What are qualified expenses for an HSA account?

HSA – You can use your HSA to pay for eligible health care, dental, and vision expenses for yourself, your spouse, or eligible dependents (children, siblings, parents, and others who are considered an exemption under Section 152 of the tax code).

What qualifies as a qualified medical expense?

Qualified Medical Expenses are generally the same types of services and products that otherwise could be deducted as medical expenses on your yearly income tax return. Services like dental and vision care are Qualified Medical Expenses, but aren’t covered by Medicare.

Are toothbrushes HSA eligible?

Toothbrushes are not eligible for reimbursement with flexible spending accounts (FSA), health savings accounts (HSA), health reimbursement accounts (HRA), dependent care flexible spending accounts and limited-purpose flexible spending accounts (LPFSA) because they are general health products.

Are baby wipes HSA eligible?

Accessories like breast pumping bras and nursing wipes and pads are also available via your FSA or HSA. Whether you need to head back to work or just want to stock up on a milk supply, you’ll likely find yourself pumping breast milk at some point—and you’re going to need trusty containers to store it all in.

Should I max out my HSA every year?

If you can afford to contribute more to your HSA, making the maximum contribution each year can be a smart retirement savings strategy. It can also ensure you don’t have to tap your retirement funds early for unexpected medical expenses—and pay the associated taxes and penalties.

Can I pay my medical premium with HSA?

Generally, you cannot use your Health Savings Account to pay premiums for health insurance coverage. Exceptions include COBRA premiums, long-term care premiums or premium payments that allow you to retain coverage while receiving unemployment compensation.

Are HSA qualified or nonqualified?

Qualified HSA distributions are distributions made for eligible medical expenses, and are thus not subject to either income tax at your ordinary rate or to the 20% penalty for nonqualified distributions.