![]() Invest in your future while taking advantage of tax benefits today or defer your tax benefits until later. Make deposit any time, in a lump sum or in smaller amounts. Individual Retirement Accounts (IRA) Individual Retirement Accounts (IRAs) are a great way to save for retirement while saving money or income taxes. Competitive Interest Rate Compounded Daily.Money Market Account With the Money Market Account you get a stellar interest rate with the added benefits of a checking account. ![]() You have eligible long-term care insurance.You are receiving federal or state unemployment benefits.You can use your HSA for health plan premiums if: Generally, you can't use your HSA to pay for health insurance premiums. Weight loss programs not prescribed to treat a specific disease.Amounts reimbursed from another source, such as a health plan or FSA Cosmetic surgery (unless due to trauma or disease).Advance payment for future medical care.Premiums (in most situations see exceptions below).Over-the-counter drugs (unless prescribed by a doctor).If you use your HSA to pay for non-qualified expenses, you'll have to pay income taxes on those funds. Long-term care medical expenses and insurance premiumsĮxamples of Non-qualified Medical Expenses.Eyeglasses, contacts, and LASIK surgery.Doctors office visits (non-preventative care).IRS Publication 969 explains that qualified medical expenses are those that would generally qualify for the medical and dental expenses deduction, as listed in IRA Publication 502. You can use your HSA to pay for qualified medical expenses for you, your spouse, and your dependents. ![]() Spend Funds on any approved medical expense.Consult with a tax specialist to learn more about the potential tax benefits of a Health Savings Account. The funds you set aside earn interest until you need them and you can access them easily with an HSA debit card. Use this dedicated savings account to take care of approved medical expenses. ![]()
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