| Having a Health Savings Account makes all of | | | | Psychiatry, psychology, psychoanalysis, and |
| your HSA qualified medical expenses | | | | psychotherapy - all of these modes of treatment |
| tax-deductible, so read this article carefully to | | | | can be paid for from your HSA. Keep in mind that |
| make sure you aren't over paying on your taxes. | | | | qualified expenses are those that pay for |
| Remember, there is no virtue in paying more | | | | treatment or prevention of a medical condition. If |
| taxes than you really owe. | | | | you are seeing a therapist strictly in order to |
| Qualified Medical Expenses | | | | save your marriage or improve your business |
| The main purpose of your HSA is to enable you | | | | skills, these would not be qualifying expenses. |
| to pay for qualified medical expenses with | | | | Alternative Medicine |
| tax-free dollars. Qualified medical expenses are | | | | More and more people are disillusioned with the |
| defined under Section 213 of the IRS Code (See | | | | way conventional medicine is practiced. The focus |
| IRS Publication 502: Medical and Dental Expenses). | | | | often seems to be on treating symptoms rather |
| Most people remember to pay for doctor visits | | | | than reaching the root cause. Many physicians are |
| and prescription drugs from their HSA (or save | | | | very quick to prescribe the latest drug, when less |
| the receipts and reimburse themselves later), but | | | | expensive, safer, and often more effective |
| there are many medical expenses that people | | | | natural remedies may work better. |
| simply pay for, without realizing that because they | | | | However, the people who do rely on alternative |
| own an HSA the expense is tax deductible. These | | | | medical treatments rarely receive reimbursement |
| are the most common: | | | | from their health insurance for these expenses. |
| Over-the-counter medications. Remember, your | | | | This is one of the reasons that HSA plans have |
| medicine does not necessarily have to be | | | | become so popular among people who do favor |
| prescribed to be considered a qualified medical | | | | natural and/or alternative medical treatments. |
| expense. Any time you buy a bottle of aspirin, | | | | Here is just a very small sampling of the types of |
| cough syrup, bandages, or zit medicine for your | | | | treatment that would be considered a Health |
| teenager - save the receipt, so you can | | | | Savings Account qualified expense: |
| reimburse yourself from your HSA. | | | | Acupuncture. Some think the beneficial results of |
| Dental expenses. Dental fees are typically the | | | | acupuncture are strictly due to the placebo effect. |
| most expensive item that people forget to pay | | | | My veterinarian wife would tell you differently. |
| for from their HSA. From cleanings, to crowns, to | | | | Though she mostly practices conventional |
| dentures, all of your medically necessary dental | | | | veterinary medicine, she does do a good bit of |
| work is eligible to be paid from your HSA. | | | | acupuncture on dogs and cats, and gets some |
| Eye glasses and contacts. Annual eye exams | | | | amazing results. |
| along with prescription glasses, contact lenses, and | | | | Homeopathy. Though controversial, approximately |
| other prescription eye glass expenses can be paid | | | | one out of 50 Americans currently uses |
| from your HSA tax-free. Also, prescription | | | | homeopathy. Whether using the services of a |
| sunglasses are considered to be an HSA qualified | | | | professional, or simply buying homeopathic |
| medical expense. | | | | remedies from the natural food store, remember |
| Physical therapy. Most individual and family health | | | | that these expenses can be paid for from your |
| insurance plans have very limited coverage for | | | | HSA. |
| physical therapy. So you can pay for those | | | | Traditional Chinese Medicine. Chinese medicine has |
| expenses out of out of your available HSA funds. | | | | been practiced for thousands of years, and is |
| Medical massage therapy. Yes, you can use funds | | | | becoming ever more popular in the United States. |
| from your Health Savings Account to pay for a | | | | Of course, treatment modalities that originated in |
| massage, as long as your health care practitioner | | | | other countries, such as Ayurveda (from India), |
| recommends it as treatment for a particular | | | | would also be considered a qualified expense. |
| health condition. | | | | Faith healing, shamanism, energy medicine, and |
| Chiropractor visits. Remember that your HSA can | | | | other (perhaps) far out stuff. Yep, almost any |
| be used for medically necessary expenses. If you | | | | type of treatment could be considered an eligible |
| go to your chiropractor due to a particular injury | | | | expense. Keep in mind that the procedure must |
| or functional problem, it is a qualified expense. The | | | | be related to the treatment or prevention of a |
| chiropractor's charges would NOT be eligible as an | | | | specific health condition. Services designed to raise |
| HSA expense if you are getting adjustments for | | | | your chi, balance your chakras, or strengthen |
| general health maintenance. | | | | your aura might be more than the IRS will allow. |
| Mental Therapy | | | | Every Dollar Counts |
| In some circles, seeing a therapist is reason for | | | | Every medical expense you incurred counts, so |
| embarrassment, whereas in other parts of the | | | | don't forget to save your receipts. If you don't, |
| country people brag about seeing their therapists. | | | | it's like paying an extra 25% each time. Even |
| The reality is that mental therapy should be | | | | some retailers like Target are starting to mark on |
| neither a symbol of shame nor a status symbol - | | | | your receipts which items are health related. That |
| it is simply another mode of treatment that can | | | | should make it even easier to get every tax |
| help people live healthier and happier lives. | | | | break you deserve. |