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HSA Fast Facts
What is a Health Savings Account (HSA)?
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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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