Many people have discovered the benefits of High Deductible Health Plans (HDHP) and their accompanying Health Savings Accounts (HSA), but too often when it comes time to start paying medical expenses from the HSA, some confusion ensues. Figuring out what the IRS says you can use your HSA for is an easy and important first step in being a responsible health consumer.
Action Steps
The best contacts and resources to help you get it done
Sign up for a High Deductible Health Plan (HDHP) and Accompanying Health Savings Account (HSA)
Signing up for an HSA Plan is easy. You will be emailed several quotes. Choose which one is right for you, set up your HSA account and start saving money.
I recommend: HSASale has a very easy form to fill out that will provide you with several quotes from the top insurance companies in your area.
Visit the IRS Website to Review Eligible and Ineligible Expenses
Check with THE authority that matters when it comes to what you can and cannot use your HSA For --- The IRS.
I recommend: IRS Publication 502 (web version) or
IRS Publication 502 (PDF version) . These are people that set and enforce the rules. So check with them for the most up-to-date rules and regulations. Either download and print the PDF version, or use the web version when you are at the computer.
Tips & Tactics
Helpful advice for making the most of this Guide
- Reduce your taxes, save for retirement tax free, and save money every month on your insurance premium by switch to a High Deductible Health Plan (HDHP) with a Health Savings Account (HSA)
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