How do I pay medical expenses from my MoneyPlu$ Health Savings Account?
A. You may use your debit card or checks to get funds out of your HSA; however, you cannot use the debit card at an ATM to reimburse yourself for any expenses. The card will not work at an ATM. Remember, as long as you are taking funds out for qualified medical expenses, you pay no taxes on those funds. However, if you withdraw funds for ineligible expenses, you may pay taxes and penalties on those funds unless you reimburse your HSA for the ineligible amount. Consult your tax advisor or the IRS for any questions regarding taxation of HSA distributions.
Related Questions
- If an employee promises, in writing, not to submit any of her husbands medical expenses to a health FSA, does this make him eligible to contribute to a Health Savings Account?
- May Health Savings Account money be used on medical expenses that do not count as covered expenses under the insurance policy?
- How do I pay medical expenses from my MoneyPlu$ Health Savings Account?
