Have a Medical Savings Account makes all of your HSA qualified medical expenses tax deductible, so read carefully this article to ensure that they are on their taxes. Remember, there is no virtue in paying more tax than you actually owe.

Qualified medical expenses

The objective principal of your HSA is to allow you to pay for qualified medical expenses tax-free money. The qualified medical expenses are defined in Section 213 of the Code IRS (See IRS Publication 502: Medical and Dental Expenses). Most people remember to pay for doctor visits and prescription drugs from their HSA (or save receipts and reimburse themselves later), but many medical expenses that people simply pay, not realizing that because expenses proper to an HSA is tax deductible. These are the most common:

Over the counter medications. Remember, medications do not necessarily have to be prescribed to be considered as a qualified medical expense. Each time you buy a bottle of aspirin, cough syrup, bandages, or zit medicine for your teenager – keep the receipt, so you may reimburse itself from your HSA.

Dental expenses. Dental fees are usually the most expensive item that people forget to pay your HSA. Cleaning the crowns, for dentures, all medically necessary dental work is eligible to be paid from your HSA.

Glasses and contacts. Annual eye exams, along with glasses, contact lenses, and other costs of prescription eye glass can be paid with your tax free HSA. In addition, prescription sunglasses is considered an HSA medical expense.

Physical therapy. Most individual plans and family health insurance have very limited coverage for physical therapy. So you can pay for expenses out of your HSA funds available.

Medical massage therapy. Yes, you can use funds from your savings account Doctors to pay for a massage, as long as your health care professional is recommended as treatment for a particular health condition.

Chiropractor views. Remember that your HSA can be used for necessary medical expenses. If you go to your chiropractor because of an injury or a functional problem, is a qualified expense. The chiropractor charges would not be eligible as an expense HSA if you are getting adjustments for health maintenance in general.

Mental Therapy

In some circles, seeing a therapist is an embarrassment, while in other parts of the country people brag about seeing their therapists. The reality is that mental therapy should be or a symbol of shame nor a status symbol – is simply another form of treatment that can help people live healthier and happier lives.

Psychiatry, psychology, psychoanalysis and psychotherapy – all these modes of treatment can be paid from your HSA. Note that qualifying expenses are they pay for the treatment or prevention of a medical condition. If you are seeing a therapist strictly in order to save her marriage or improve their business skills, these would not be eligible expenses.

Alternative Medicine

More and more people are disillusioned with the way conventional medicine is practiced. The objective often seems to be treating the symptoms rather than reaching the root cause. Many doctors are too quick to prescribe the latest drug, natural remedies when cheaper, safer, more effective and often can function better.

However, people who rely on medical treatment Alternative rarely receive reimbursement from your health insurance for these expenses. This is one of the reasons that HSA plans have become so popular among people who favor natural and / or medical treatment alternatives. Here is just a very small sample of the types of treatment that is considered an expense qualified Medical Savings Account:

Acupuncture. Some think the beneficial results of acupuncture are strictly due to the placebo effect. My veterinarian wife would tell you otherwise. Despite which mostly practices conventional veterinary medicine, it does do a good piece of acupuncture on dogs and cats, and get amazing results.

Homeopathy. Although controversial, about one in every 50 Americans who currently uses homeopathy. Whether using the services of a professional, or simply buy homeopathic remedies from health food store, remember that these expenses can be paid from your HSA.

Traditional Chinese Medicine. Chinese medicine has been practiced for thousands of years and is increasingly popular in the United States. Of course, treatment modalities that originated in other countries, such as Ayurveda (from India), is also considered a qualified expense.

Faith healing, shamanism, energy medicine, and other (perhaps) far away things. Yes, almost any kind of treatment might be considered an eligible expense. Note that the proceeding should be related to the treatment or prevention of a specific disease. Services designed to increase the chi, balance your chakras, or strengthen your aura may be more than the IRS allows.

Every dollar counts

All medical expenses you incur account, so do not forget to save your receipts. If not, is like paying an extra 25% every time. Even some retailers like Target are starting to mark on the receipts that are health related topics. That should make it even easier to get every tax break you deserve.

About the Author:

By Wiley Long – President, HSA for America ( http://www.health–savings–accounts.com ) – The nation’s leading independent health insurance agency specializing in individual and family coverage that work with Health Savings Accounts.

Article Source: ArticlesBase.com – Health Savings Account Write-offs – be Sure to Take Them All

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