Health Savings Account HSA
- What are unreimbursed qualified medical expenses?
- What is the definition of a first-time homebuyer?
- What if I built my own home?
- What is the difference between a contribution and a distribution in regards to my HSA?
- Do I owe taxes on the distributions from my HSA?
- Where do I find the total amount I contributed for the year to my HSA?
- Can I make contributions to my HSA after December 31, 2014?
- What amount should I enter for distributions from my HSA?
- What is a High Deductible Health Plan (HDHP)?
- Are contributions made by my employer included in my income?
The definition of what constitutes a qualified medical expense is very broad and includes expenses to diagnose, cure, mitigate, treat, or prevent disease. However, cosmetic surgery is not deductible unless it is related to disfigurement from a congenital abnormality, accidental injury, or a disfiguring disease. Other examples of nondeductible medical expenses are nonprescription drugs, doctor prescribed travel for "rest," and expenses for the improvement of your general health such as a weight loss program or health club fees (the weight loss program is deductible if it is to treat a specific disease).
Examples of deductible medical expenses include abortions, acupuncture, alcoholism treatment, ambulance costs, birth control pills, child birth classes, chiropractors, contact lenses, crutches, dentist, dentures, doctor fees, drug addiction treatment, prescription drugs, dyslexia reading programs and tutors, eye examination and glasses, guide dogs, health insurance, hearing aids, hospital bills, insulin, laboratory fees, long-term care insurance, nursing home if for medical treatment, optometrist, osteopath, physical therapy, psychiatrist, psychologist, travel to medical clinics, vasectomy, and wheelchair. This list does not contain every medical deduction available.
SELF ONLY COVERAGE:
Minimum annual deductible of $1,250
Maximum out of pocket expense: $6,350
Minimum annual deductible of $2,500
Maximum out of pocket expense: $12,700