Health Savings Accounts (HSAs) are medical savings accounts that go along with health insurance plans with high deductibles and low premiums. The ability to save money that is exempt from federal and state taxes balances out the insurance policy's high deductible/low premium structure. The HSA funds can then be used for medical expenses recognized by the IRS.
You may be losing out on significant tax savings if you have an HSA but have solely used it to cover medical expenses. When you can use pretax monies, why pay taxed money for medical needs that the IRS has approved? Here are 11 things you can buy with your HSA.
- Anti-allergy drugs
- Arch Supports
- Dressings and Band-Aids
- Contraception
- Books or Magazines in Braille
- Lens Cleaning Solution
- Guidance Animals
- Remove lead-based paint
- Mouth Protection
- Spectacular eyewear
- Specified eyewear
The generally healthy might save money on medical bills by opening a health savings account. Just keep in mind to include copies of your prescriptions and receipts with your tax returns as you make purchases using your HSA.
If the IRS decides to audit you, you will require them. Even if you followed the guidelines, you risk facing a fine if you can't demonstrate that the charges were HSA-approved expenses.
The pagalworld is a free open site that assists you with getting finance info online from the World. You will get information related to Share Price, Insurance, Finance, Loan, Trading, Investing and many more.
