"Can I use my HSA for…….?" | |
Health Savings Accounts and You Health Savings Accounts (HSAs) aren't new. They've been around since late 2003. Initially they were created along with the Medicare Prescription Drug, Improvement, and Modernization Act to replace the Medical Saving Account System. Initially these plans were designed to help with Drug Costs under Medicare policies; However, as Insurance Premiums increased, more and more Employer and Individual Policies offered High-Deductible Plans to help curb costs. Due to that, HSAs were thrown into the spotlight as a way to use Pre-Tax Dollars to cover out-of-pocket Medical costs. In 2017, a reported 22million Americans have an HSA. Each year, that number continues to climb. Many people still have a lot of questions about how they can use thier HSA funds. We often get asked if people can pay their Premium for their Health Plan with thier HSA... The short answer to that is, "No" However, there are certain instances when you can use those funds to pay for your