A health savings account, or HSA, provides a way to pay for medical expenses and save money for future medical bills.
Research
A list of some of the qualified medical expenses can be found in the Internal Revenue Service's publication 502. Whether a specific item is covered is based on the facts and circumstances. The medical service must be given for the prevention or treatment of a physical or mental illness, according to the Department of the Treasury.
Family
Medical expenses for a spouse and children are considered a qualified medical expense.
Premium
A person can pay health care premiums using an HSA only if he is collecting unemployment benefits or is on COBRA health insurance from a previous employer.
Medical
Examples of medical expenses covered are doctor visits, emergency room visits, hospitalization, prescription medications, dental expenses, medical equipment and supplies, tests and diagnostic services.
Travel
Costs for travel to receive medical services are also a qualified medical expense.
Long-Term Care
Long-term care services and the premiums for long-term care insurance may be paid with funds from a health savings account.
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