If you are on a High Deductible Health Plan (HDHP) that offers a Health Savings Account (HSA) like Magleby does…
…why would you NOT take advantage of using PRE-TAX money to pay for things you are ALREADY PAYING FOR!?
What Can You Buy?
Money in a Health Savings Account can be used for “Qualified Medical Expenses” like the following:
Qualified Medical Expenses (not all inclusive)
- Your medical deductible
- Your coinsurance
- Acupuncture
- Bandages for torn or injured skin
- Blood pressure monitoring devices
- Breast pumps
- Chiropractors
- Circumcision
- Condoms
- Contact lenses, materials and equipment
- Crutches
- Drug addiction treatment
- First aid kits
- Gauze pads
- Hearing aids
- Humidifier
- Liquid adhesive for small cuts
- Masks, disposable
- Motion sickness wristbands
- Optomestrist
- Orthodontia
- Pregnancy test kits
- Psychiatric care
- Reading glasses
- Rubbing alcohol
- Safety glasses
- Smoking-cessation programs
- Thermometers
- Vasectomy
- Viagra
- Wheelchair
- AND SO MUCH MORE!
MotivHealth has compiled a list of Qualified Medical Expenses as well as a list of Potential Qualified Medical Expenses and Non-Qualifying Medical Expenses. Check out the list and be sure if you’re buying it anyway, WHY NOT USE YOUR HSA MONEY!?
Another resource to purchase HSA eligible items is the HSA Store. You can use your Motiv HSA card to purchase items from the HSA Store and have them shipped to your home. This online store is a GREAT WAY to identify things you buy anyway and use TAX-FREE money to pay for it!
What Does the IRS Say?
Governance of HSA spending is set by the IRS. Be sure you understand the rules by checking out this IRS Publication 969 that discusses Health Savings Accounts.
