Top Q: What are qualified medical expenses?
• Actual medical expenses, including doctor visits, prescriptions, transportation to get medical care, and dental care • Long-term care insurance • Healthcare coverage when unemployed • Certain continuation-of-benefit healthcare coverage • Certain health insurance after age 65 Non- qualified uses of HSA assets are subject to taxation and an additional 10% penalty unless the HSA account beneficiary is age 65 or older, dies, or is disabled. Visit the IRS online for more information about qualified medical expenses or seek advice from your tax consultant. Q: What are the HSA contribution rules? A: The total amount you or your employer may contribute to an HSA for any taxable year is dependent upon whether you have individual or family coverage under a high deductible health plan (HDHP) as shown in the table below.
Related Questions
- When must a distribution from an HSA be taken to pay or reimburse, on a tax-free basis, qualified medical expenses incurred in the current year?
- By what date do I have to establish my HSA in order to receive tax-free reimbursements for qualified medical expenses?
- Top Q: What are qualified medical expenses?
