![]() In those cases I do my best to research the expense further and come up with an answer that seems most likely for the greatest number of providers.Īt any rate, these are the primary sources I use for expense verification. There are also cases where one source says an expense is eligible and another says it's not. If you can't get one, the safe choice is to assume it's not eligible and not expense it. In a case like that, I would suggest getting a definitive answer in writing from your provider. His response was that he did and even they didn't know! I did extensive research and the answer pointed toward "probably not but check with your provider to see if they'll cover it." So I suggested that he consult them for guidance. To help illustrate this point, I had a visitor email me to ask if regenerative medicine such as platelet rich plasma (PRP) and stem cell treatments are HSA eligible. The IRS only provides a partial list of eligible expenses, so consumers and even insurance companies are left to wonder exactly what products are eligible. You can no longer contribute to an HSA once you're enrolled in Medicare.Ĭoming up with accurate eligibility status for the list of HSA eligible expenses can be a challenge at times.Funds can be withdrawn at any time for any reason, but funds withdrawn for non-approved medical expenses before the age of 65 are subject to income taxes and an additional penalty.Find out just how much you can save by investing your HSA funds using our HSA vs 401(k) vs Roth IRA investment calculator. ![]() That is, funds are contributed pre-tax, can be withdrawn for eligible medical expenses without taxation, and if you invest the funds within your HSA the earnings or interest are tax free.
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