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12 Expenses you can pay for with a tax deductible Health Savings Account

Health Savings Accounts (HSA),  with generally lower insurance premiums due to high deductible on the health insurance policy, may offer you the following 3 tax advantages too:

1.      Tax deductible deposits-up to 100% of the calendar year deductible
2.      tax deferred interest
3.      Tax-free withdrawals for medical expenses- use the savings account funds for expenses not covered by the high deductible insurance plan.

Health Savings Accounts can be used to pay for Qualified Medical Expenses. These can even be expenses that your Health Insurance Plan or dental plan does not cover! These generally include:

1.Hearing aids 2. Diabetic supplies 3.Orthodontial 4. Dental cleanings and fillings 5.Physical therapy 6.Chiropractic expenses 7.Eye exams 8.Eyglasses 9. Contact lenses 10. Laser eye surgery 11.Over the counter medicines & prescription drugs 12. Speech therapy.

Of course each individual is responsible for complying with IRS regulations. See medical and dental expenses at IRS web site www.irs.gov