Health Savings Accounts - Eligible Medical Expenses

I just wanted to update several people concerning the eligible medical expenses that may be withdrawn from your account without incurring a penalty. I'm going to itemize several of these and it is definitely not a complete list.

Remember that most insurance policies have limits or exclusions on many items. With a HSA you have more control over where the money goes. Would you voluntarily pay more for your insurance premiums? With traditional policies, as a rule, you do. You're paying for benefits that you may or not use. With the HSA you can control that situation.

Here are some examples of eligible and deductible medical expenses under the laws and guidelines of an HSA:
Lodging (away from home for out patient care); Chiropractor; Crutches; Drug Addiction Therapy; Guide Dog; Legal Fees; Orthopedic Shoes; Alcoholism Treatment; Birth Control Pills, Vitamins (if prescribed); Dental treatment; Christian Science Practitioner; Prescription Medications; Contact Lenses; Hospital Bills; Telephone or TV Equipment (to assist hard of hearing); Transportation Expenses (relative to health care). As you can easily see there are many expenses that can be paid from your account that your current policy does not allow.

Remember, you can reduce your taxable income through contributions to your HSA and interest earned is tax deferred, and can be withdrawn tax free to pay for insurance deductibles and covered medical expenses.

Think about it!