HSAs are owned by individuals, but contributions may be made by an employer or any other person. An HSA is a tax-exempt trust or custodial account used to pay for the qualified medical expenses listed in the Internal Revenue Service (IRS) publication 502, of the account beneficiary, spouse, or dependents. HSAs enable taxpayers to pay for current medical expenses and save for future qualified medical expenses on a tax-free basis. Only one rollover is permitted every 12 months. A health savings account (HSA) is a tax-favored medical savings account available to taxpayers. By consolidating your HSA money, you will benefit from the convenience of having all your money in a single account. Health savings accounts are like personal savings accounts but the money in them is used to pay for certain medical expenses tax-free, as allowed by the IRS. If you have an HSA at another institution, it is easy to transfer or “roll over” the money to a Tri Counties Bank HSA. If I have multiple HSA’s, is it possible to consolidate them? Please consult your tax advisor for specific information. You can open and fund an HSA for the prior calendar year until you file your income taxes or until the tax deadline (generally April 15)- whichever comes first. You can conveniently pay for qualified medical expenses using your HSA debit card or HSA checks.Ĭan I still open an HSA for the prior calendar year? The money in your HSA can be used to pay for qualified medical expenses of any family. How do I use my HSA to pay for qualified medical expenses? No, you can only use the money in your HSA to pay for qualified medical expenses incurred after the account is opened. ![]() Individuals covered by an HDHP generally may establish and deduct contributions to a Health Savings Account (HSA) as long as they have no disqualifying health coverage. Ĭan I use my HSA for expenses incurred before I opened the account? Notice 2019-45 PDF, posted today on IRS.gov, lists the new types of medical care that may be treated as preventive care for this purpose. Common Eligible Medical Expenses for an HSA Abdominal Supports Acupuncture Alcoholism Treatment Ambulance Anesthetist Arch Supports Artificial Limbs. For a complete list of IRS-qualified medical expenses, view. This includes deductibles, co-payments, prescriptions, dental and vision care, and more. You can pay for a wide range of IRS-qualified medical expenses with your HSA, including many that aren't typically covered by health insurance plans.
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