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Myth No. 3: HSA funds can only be used for qualified medical expenses in the United States. The funds can be used for any qualified medical expense (as defined by the IRS), whether it happened ...
Anyone with a qualified high-deductible health insurance plan can open a health savings account, also known as an HSA. Money deposited into these accounts is tax-deductible and can be used tax ...
A health savings account or HSA offers a tax-advantaged way to save for healthcare expenses. You might have an HSA if you're enrolled in a high deductible health plan (HDHP). These accounts can't ...
U.S. HealthCare.gov, Health Savings Accounts (HSAs) IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans; IRS Publication 502, Medical and Dental Expenses; IRS HSA Contribution limits for 2014, 2013, 2012; FAQs on HSAs: Frequently Asked Questions on Health Savings Accounts from the American Academy of Actuaries ...
Pros. Cons. If you change jobs, you can take your account with you. Withdrawals for non-medical and non-qualified medical expenses are subject to a 20% tax penalty.
Whenever possible, try to use your HSA money for these expenses — or for any others the IRS identifies as eligible. You can find a complete list in Publication 969 or visit sites like the HSA ...
Withdrawals from an HSA are tax-free if used for qualified healthcare expenses. The tax advantages of an HSA are available only if it is used to pay qualified out-of-pocket medical expenses such ...
Depending on your income tax rate, using an HSA to pay qualified healthcare expenses tax-free could mean getting a 20% to 30% discount on those costs. Over your lifetime, that can add up to huge ...
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related to: irs list of eligible hsa expenses