Health Savings Accounts allow you to set up a 100% tax-deductible HSA account to pay for many types of out of pocket medical expenses. These include many types of qualified expenses that are often not covered by most insurance policies.
Since the passage of the CARES Act in March 2020, you can use your HSA funds to buy over-the-counter medications without a prescription. Prior to the passage of the act, these items were only eligible for reimbursement with a prescriptionThe tax penalties for non-qualifed withdraws increased to 20%.
Below is a partial list of Qualified Expenses for HSA’s*
Breast reconstruction surgery after cancer (not breast augmentation)
Capital expenditures – Home modifications for
handicapped. Primary purpose must be medical care
Car equipped to accommodate wheelchair and/or
handicapped controls
Childbirth preparation classes (mother)
Chiropractors
Christian Science treatment
COBRA health care continuation premiums
Contact lenses replacement insurance
Crutches
Deaf persons – Hearing aid and batteries,
Hearing aid animal and care, Lip reading expenses, Special education,
modified telephone
Dental fees
Dentures
Diagnostic fees
Doctor’s fees
Domestic aid – rendered by nurse
Drug addiction recovery
Drugs (prescription)
Dyslexia language training
Employee share of premiums for employer sponsored health insurance
Erectile Dysfunction medications
Eyeglasses, contacts and exam fees
Feminine hygiene products
Fluoride device (on advice of dentist)
Halfway house (adjustment to mental hospital)
Healing services fees
Health care coverage while an employee is
receiving unemployment benefits.
Hospital care
Laboratory fees
Lead paint removal
Lasik Eye Surgery
Lifetime medical care (Prepaid; retirement
home)
Limbs (artificial)
Long term care premiums that qualify
Mattress (prescribed for alleviation of
arthritis)
Medicare Part A or B premiums if over age 65. Not Medigap policies
Membership fees (association furnishing
medical services, hospitalization, and clinical care)
2003-38 I.R.B.559
Nursing home (medical reasons)
Nursing services (board and Social Security
paid by taxpayers)
Obstetrical expenses
Operations (legal)
Optometrists
Orthodontia
Orthopedic shoes (excess costs
Osteopaths
Over the counter drugs and medicines (including cold, allergy, etc)
Oxygen/oxygen equipment
Pregnancy expenses – most
Prosthesis
Prescription Medications
Psychiatric care
Psychologists
Psychotherapists
Remedial reading
Retarded person’s costs for special home
Schools (special, relief, or handicapped)
Sexual dysfunction treatment
Sunscreen (SPF 15+)
Surgical fees
Swimming pool (treatment of polio or
arthritis)
Teeth (artificial)
Therapy treatments (prescribed by a physician)
Transportation (essentially and primarily for
medical care)
Vitamins (prescription)
Weight-Loss Programs
Wheelchair or autoette
X-rays
Health Savings Accounts are the biggest advancement in health care financing in years is available to anyone in Colorado with our HSA qualifying medical plans! Call Colorado Health Insurance Brokers at 800-416-4481 for more information and a free quote or Get a free instant HSA quote.
* See the current IRS Regulations for a list of qualifying medical expenses. You may also reference the most current IRS Publication 969 and the IRS HSA Questions and Answers bulletin and www.irs.gov for more information on HSA’s and IRS rulings and www.ustreas.gov for Treasury Department rulings. Federal and state regulations are subject to change. Colorado Health Insurance Brokers are not engaged in rendering tax, investment or legal advice. If tax, investment or legal advice is required, seek the services of a licensed professional.
Health Savings Accounts allow you to set up a 100% tax-deductible HSA account to pay for many types of out of pocket medical expenses. These include many types of qualified expenses that are often not covered by most insurance policies.
