Having an HSA account to use in conjunction with your high deductible insurance plan is a great addition in covering medical expenses. This tax-deductible medical savings account covers several different types of expensesinsurance does not. What exactly is an HSA?An HSA is an account that is used with a high deductible insurance plan that can have deposits made by either the individual or the employer. So, what exactly can an HSA be used for?
Any qualified medical expense that are not covered by a high insurance deductible plan is normally included. Things like the funds it takes to meet a high insurance deductible, copays, MRI’s, prescriptions, payments to doctors, counseling services, hearing aides, and even some smoking cessation programs. New mothers can relax knowing that breast pumps are also included in the plan as some insurance companies may not cover the fees in renting a breast pump.
Do you know someone who may need a wheelchair? These are also some of the items that are qualified medical expenses as well as walkers or canes.
What about dental care? An HSA can be utilized for dental expenses. As we get older, our dental needs may increase as well. Many children when they reach adolescence may need orthodontic work and with age brings more chances of other dental needs such as dentures. These types of services are also covered under an HSA.
Don’t forget the importance of eye care and what it means for your health as well. With an HSA, qualified vision expenses can also be supplemented under the plan on expenses insurance does not cover.
Things to Consider
The IRS determines what expenses are eligible under an HSA plan and if you are in question on what expenses may qualify always consult your tax advisor before you use your HSA on an expense that you are not sure is covered.
An HSA plan helps bridge the gaps in coverages and it does so much more. The HSA can benefit all ages with many needs with medical, dental and vision expenses. New moms, teenagers, children with learning disabilities to seniors can all benefit. How about those who may have special needs like counseling? This too is covered. With so many different medical needs we face at different times, an HSA is a wonderful supplement to a high deductible insurance plan.