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What are HSAs?
Health Savings Accounts (HSAs) were designed to help
individuals save for future qualified medical
and retiree health expenses on a tax-free basis.
Overview of HSAs:
A basic overview of HSA accounts and how they
can be used as well as benefits related to HSAs.
FAQs for HSAs:
Treasury responses to FAQ for consumers.
IRS Guidance
The Internal Revenue Service (IRS) provides
guidance on HSAs.
Qualified Medical Expenses
IRS Publication 502 defines qualified medical
expenses. Please keep in mind that this list is
not fully inclusive. Certain over-the-counter
medications are allowable as well as others as
follows:
- Eligible medical expenses including
over-the-counter medicines and drugs.
- Health insurance premiums under COBRA
continuation coverage.
- Health insurance premiums while
receiving unemployment compensation.
- Medicare Part A and Part B premiums.
- A qualified long-term care insurance
contract.
Health Savings Account (HSA) Medical Expenses
Treasury Issues Comprehensive Health Savings
Guidance
The Treasury Department and the IRS issued
comprehensive guidance on Health Savings
Accounts on a wide range of issues that the
public has brought to the Treasury Department.
IRS Publication 969
IRS Publication 969 provides guidelines on
filing your taxes for a Health Savings Account.
HSA Tax Savings
Illustrative examples from the Treasury
Department show the potential reduction in
Federal income tax from HSA contributions in
2006.
Get full accounting of expenses, Visa ATM
debit cards and Checkbook access to your account
through Asset Growth Associates Bank.
Apply Now
Apply for an Individual HSA account today.
Apply Now
Apply for a Business HSA program today.
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