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A health savings account (HSA)
is a tax-favored savings account created for the purpose of
paying medical expenses.
Six million
Americans are covered by Health Savings Accounts today and
the U.S. Treasury Department predicts the number will soar
to 25-30 million by 2010
Watch Health Savings Accounts Video
View Health
Savings Accounts Voice
Presentation
A Health Savings Account
offers:
Tax-deductible
Contributions
to the HSA are 100% deductible (up to the legal limit) —
just like an IRA.
Tax-free
Withdrawals to
pay qualified medical expenses, including dental and vision,
are never taxed.
Tax-deferred
Interest
earnings accumulate tax-deferred, and if used to pay
qualified medical expenses, are tax-free.
HSA money is yours to keep
Unlike a
Flexible Spending Account, unused money in your HSA isn’t
forfeited at the end of the year; it continues to grow,
tax-deferred.
Why High Deductible Health Insurance?
To get the
benefits of an HSA, the law requires that the savings
account be combined with high deductible health insurance.
High deductible health insurance costs less than traditional
$250 or $500 deductible coverage, because the insurance
company doesn’t have to process and pay claims for routine,
low-dollar medical care.
Health Savings Accounts
and Health Reimbursement Arrangements, small group only, are health care financing programs that enable the insured and employees to be reimbursed for
qualified medical care expenses.
Qualified expenses are defined under Section 213(d) of the IRS Code. Medical care expense is defined as amounts paid for the
diagnosis, cure, treatment or prevention of disease, and for treatments affecting any part or function of the body.
Medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness.
Note:
Many HRA plans are designed by employers to reimburse
employees only for qualified medical expenses applied to the plan deductible. Consequently, a medical expense
could be a qualified expense, as defined by the IRS, but not reimbursable according to the employer’s HRA plan
design.
Below are examples of both qualified and non-qualified medical
expenses. For additional information, refer to IRS Publication 502 titled, “Medical and Dental Expenses”, Catalog
Number 15002Q. The publication is available at the IRS web site,
www.irs.gov
How Does an Health Savings Account
Work?
An HSA works in conjunction
with high deductible health insurance.
Your HSA
money can be used to
help pay the health insurance deductible and qualified
medical expenses not covered by the health insurance,
including dental and vision.
Any funds you withdraw for
non-qualified medical expenses will be taxed at your income
tax rate plus 10% tax penalty if you're under 65.
If you meet the deductible
with covered expenses, the
health insurance pays remaining covered expenses in
accordance with the terms and conditions of your particular
plan.
Examples of
Non-Qualified Medical Expenses
■ Athletic or health club membership ■ Automobile insurance premium allocable to medical coverage ■ Babysitting and childcare for a healthy baby ■ Bottled water ■ Cosmetic surgery and procedures (unless for deformity) ■ Cosmetics, hygiene products and similar items ■ Diaper service ■ Domestic help ■ Electrolysis or hair removal ■ Funeral, cremation or burial expenses ■ Hair transplant ■ Illegal operations and treatments ■ Maternity clothes ■ Nutritional supplements ■ Premiums for life insurance, income protection, disability, loss of limbs, sight or similar benefits
Examples of
Qualified
Medical Expenses
■ Acupuncture ■ Alcoholism treatment ■ Ambulance ■ Artificial limbs or prostheses ■ Artificial teeth ■ Birth control pills by prescription) ■ Braces ■ Breast reconstruction surgery ■ Car – special hand controls or equipment to accommodate a disabled person ■ Chiropractor ■ Christian Science practitioner ■ Contact lenses and cleaning solutions ■ Crutches ■ Dental treatment ■ Dentures ■ Dermatologist ■ Diagnostic devices blood sugar test kit) ■ Drug addiction treatment ■ Eyeglasses ■ Fertility enhancement ■ Guide dog or assistance animal ■ Hearing aids and batteries ■ Home care ■ Home improvements to accommodate a disabled person ■ Hospital services ■ Lab fees ■ Laser eye surgery ■ Lead paint removal ■ Lodging (away from home for prescribed outpatient care) ■ Long-term care premiums (certain
limits apply) ■ Long-term care services ■ Nonprescription medications ■ Nursing home ■ Nursing services (including board and meals) ■ Ophthalmologist ■ Optician ■ Optometrist ■ Organ transplant (including donor’s expenses) ■ Osteopath ■ Oxygen and oxygen equipment ■ Physician services ■ Podiatrist ■ Prescription medications ■ Psychiatric care ■ Psychiatrist ■ Psychologist ■ Special home for
the mentally retarded ■ Special school costs for the handicapped ■ Sterilization ■ Surgery ■ Stop-smoking programs (physician prescribed) ■ Telephone or TV equipment to assist
the hearing impaired ■ Therapy ■ Transportation (primarily for and essential to medical care) ■ Vasectomy ■ Weight loss
programs to treat an existing disease ■ Wheelchair ■ X-rays
Note:
This is presented as general information. Precise Health Savings Account
tax effects depend on federal law. We recommend that you see your tax advisor
for specific tax advice. This information was supplied by HSACenter.com
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