Given the gamut of the medical expenses that one may receive from Health Savings Accounts, it can be a possibility that most people would tend to abuse the said derived benefits by circumventing the law. Thankfully, stringent and firm methods have been undertaken in order to ensure that no one would take advantage of such a good health plan deal.
To learn more about the beneficial features of HSA, it should be noted that that it is basically on option which is considered to be tax-free that one can readily use in times of medical and health-related reasons. These expenses that one will be incurring may be a point of discussion as there are a lot of medical expenses that may be in question as to whether or not they are qualified for one to avail the benefits of HSA.
Expenses to be included in HSA:
It is important to distinguish which medical expenses can be qualified for this health option and which are not. Before you incur expenses relative to your health needs, it is best that you refer the matter to the office of the Internal Revenue System or the IRS as they are authorized agency in deciding which expenses are considered qualified medical expenses and which are not.
Do not worry. There are a lot of important medical expenses which is deemed part of the HSA. But for the information of everybody, the following are some of the expenses which are considered to be not qualified for the Health Savings Account.
These are the following:
- Cosmetic surgery
- Diaper service
- Dancing lessons
- Household help
- Maternity clothes
- Controlled substances
- Funeral services
- Future medical care
Basically, it is the IRS that decides as to they are one of the expenses which are not included. And it is for good reason as they are not considered to be mandatory medical expenses.