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HSA Fast Facts
What is a Health Savings Account (HSA)?
What are the advantages of owning an HSA?
Can an HSA save you money?
The California
Choice
HSA & Banking Partners
HSA Calculators
What is a Health Savings Account (HSA)?
An
HSA
is a savings account that is paired with a qualified High-Deductible Health Plan to cover eligible medical expenses not covered by the health plan.
HSAs are a great way for consumers to pay for medical expenses and save for the future. Thanks to new Medicare Reform laws, most individuals with a qualified High-Deductible Health Plan can open an HSA and start taking more control over their healthcare dollars.
You can use your HSA funds to pay for:
medical expenses before you meet your deductible;
services not covered by your health plan;
COBRA coverage during periods of unemployment;
medical expenses after retirement;
long-term care expenses.
Qualified HSA Deductions
Acupuncture
Examination, physical
Obstetrical expense
Psychopathologist Rental of medical or healing equipment (requires doctor's note)
Ambulance hire
Eye examination
Obstetrician
Artificial limbs and teeth
Eyeglasses Family counseling- (excluding marriage counseling)
Oculist
Sanitarium
Automobile modification
Operation
Seeing eye dog
Braille books and magazines
Gynecologist
Ophthalmologist
Special education
Chiropodist (expense)
Halfway house residency
Optician
Special television that provides deaf individuals with display of audio portion of television programs
Chiropractor
Hearing devices
Optometrist
Christian Science practitioner- office visits
Hospital
Oral surgery
Specialist
Clinic
Hospital bills
Osteopath
Surgeon (when prescribed as treatment)
Contact lenses and solutions
Iron lung, operating cost
Oxygen equipment
Telephone for deaf
Crutches / slings
Laboratory
Pediatrician
Transportation expense relative to illness (including doctor's office)
Dentist
Laetrile- when prescribed by doctor
Physician
Diagnosis
Laser eye surgery
Physiotherapist
X-ray
Diathermy
Lifetime care at medical facility
Podiatrist
Doctor
Midwife
Practical nurse
Doctor copays
Nurse
Psychiatrist
Drugs- (prescription and some prescribed OTC medications)
Lip reading lessons for the deaf
Psychoanalyst
Psychologist
Nursing care
Other Resources
U.S. Department of Treasury Guidelines
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