Personal protective equipment (PPE) like masks and hand sanitizer.Over-the-counter medicines and drugs (see more information below).Fertility enhancement (including in-vitro fertilization).Eligible long-term care insurance premiums.This list includes some of the most common reimbursable health savings account expenses. getty Common Reimbursable HSA Medical ExpensesĪ wide variety of medical expenses are reimbursable from your HSA balance. Visiting the chiropractor is an example of an HSA eligible expense. On the flip side, if you have a detailed receipt showing the prescription's name or at least says “pharmacy,” you will be in better shape. In that case, you probably don’t have enough evidence to prove your reimbursable expense. For example, suppose you pay for a prescription at your pharmacy, but the only proof of purchase is your credit card bill showing the pharmacy's name. How purchases are described or coded could affect whether your HSA will reimburse you. The rules and regulations could change, so refer to your plan's specific reimbursable expense guidelines. Keep reading as we share a long list of medical expenses that your HSA should reimburse. HSA Expense ELIGIBILITY LISTĪs a financial planner, I strive to help you make the most of your available investment, retirement, and other tax-favored accounts like an HSA. There is no reason to let those medical expenses sit on a credit card with interest above 20%. However, you may want to reimburse yourself for medical expenses as they come in. It would help if you contributed to an HSA to get a tax deduction. If you are drowning in credit card debt, your strategy might differ. Once you need some money (or retire), reimburse yourself for years of medical expenses from your accumulated HSA funds. Contribute what you can each year to the HSA (ideally max it out), invest the funds, and set up a file on your computer (or in the cloud) to save all your medical reimbursable receipts in one place. Many of my financial planning clients treat their HSA as an additional retirement account that they can turn into essentially a tax-free income stream to pay for medical expenses in the future (or from the past). If you leave the funds invested, you can get the benefits of compound interest and still reimburse yourself for current medical expenses at a later date. ![]() If you are in good financial shape, consider investing your contributions to an HSA long-term. Should you spend or invest your HSA? getty When Should You Use Vs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |