The Health Savings Account can be used to pay for qualified medical, dental, and vision expenses, including COBRA premiums, Medicare premiums (Part A, Part B, Part D), or Long Term Care insurance premiums. If you withdraw money from your Health Savings Account to use for other reasons, you will be subject to income tax on the amount of the withdrawal. In addition, you may be subject to an additional 20% penalty tax if you are under age 65. Certain exceptions apply.
IRS Publication 502 lists qualifying and non-qualifying expenses for tax deduction purposes which may be reimbursed (unless otherwise indicated) under most Health Savings Accounts. If you have any questions, contact the HSA Administrator.
Examples of qualifying medical and dental expenses include:
Doctor’s office visits
Dental care and braces
Glasses, contact lenses and accessories, LASIK surgery
Smoking cessation programs
Birth control and vasectomy
Bandages and crutches
Breast pump and nursing supplies
See our attached list below: