An HSA is a savings account that is paired with a qualified High-Deductible Health Plan to cover eligible medical expenses not covered by the health plan.

HSAs are a great way for consumers to pay for medical expenses and save for the future. Thanks to new Medicare Reform laws, most individuals with a qualified High-Deductible Health Plan can open an HSA and start taking more control over their healthcare dollars.

You can use your HSA funds to pay for:

• medical expenses before you meet your deductible;
• services not covered by your health plan;
• COBRA coverage during periods of unemployment;
• medical expenses after retirement;
• long-term care expenses.

Qualified HSA Deductions

 

Acupuncture	Examination, physical	Obstetrical expense	Psychopathologist Rental of medical or healing equipment (requires doctor's note)
Ambulance hire	Eye examination	Obstetrician
Artificial limbs and teeth	Eyeglasses Family counseling- (excluding marriage counseling)	Oculist	Sanitarium
Automobile modification		Operation	Seeing eye dog
Braille books and magazines	Gynecologist	Ophthalmologist	Special education
Chiropodist (expense)	Halfway house residency	Optician	Special television that provides deaf individuals with display of audio portion of television programs
Chiropractor	Hearing devices	Optometrist
Christian Science practitioner- office visits	Hospital	Oral surgery	Specialist
Clinic	Hospital bills	Osteopath	Surgeon (when prescribed as treatment)
Contact lenses and solutions	Iron lung, operating cost	Oxygen equipment	Telephone for deaf
Crutches / slings	Laboratory	Pediatrician	Transportation expense relative to illness (including doctor's office)
Dentist	Laetrile- when prescribed by doctor	Physician
Diagnosis	Laser eye surgery	Physiotherapist	X-ray
Diathermy	Lifetime care at medical facility	Podiatrist
Doctor	Midwife	Practical nurse
Doctor copays	Nurse	Psychiatrist
Drugs- (prescription and some prescribed OTC medications)	Lip reading lessons for the deaf	Psychoanalyst
		Psychologist
	Nursing care

Other Resources

U.S Department of Treasury Guidelines