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March 29, 2010
Health Savings Accounts and Tax-subsidized Medical Expenses
Even though you receive a tax deduction when you contribute to a Health Savings Account (HSA), that money is still yours to spend tax free for qualified medical expenses. Because an HSA is paired with a High-Deductible Health Insurance plan, qualified medical expenses include any costs you incur from seeing a doctor, prescription drugs, or other expenses toward your deductible.
You can use your Health Savings Account to cover expenses that would not typically be covered by a health insurance policy. Such HSA expenses include alternative treatments, dental expenses, lodging and transportation related to health care, long-term care premiums, maternity expenses, mental and physical therapy, non-prescription medications like aspirin or cough syrup, preventive health programs, and special fees related to guide dogs, wheelchairs, etc.
Alternative treatments can include acupuncture, aromatherapy, Ayurvedic medicine, homeopathy, nutritional consultation, and traditional Chinese medicine. Mental therapy includes the cost of psychiatrists, psychoanalysts, psychologists, and psychotherapists. Physical therapy may include chiropractor services, hydrotherapy, and medical massage. Plus, an HSA can be used to pay these expenses for any spouse or dependent member of your family, even if they are not covered by your health insurance policy.
If you’d like to take advantage of these HSA benefits and learn about their other benefits, you can find out more on our website at www.Health--Savings--Accounts.com, or call us at 866-749-2039. Our expert advisors will answer your questions at no charge.
Posted by Wiley Long at March 29, 2010 11:45 PM