![]() The annual out-of-pocket expenses cannot exceed $8,050 for self-only coverage or $16,100 for family coverage. Generally, qualified expenses include doctor visits, medications, medical equipment, and dental and vision care for you, your spouse and any eligible tax.For 2024 tax purposes, an HDHP is a health plan with an annual deductible of at least $1,600 for single coverage or not lower than $3,200 for family coverage.These expenses must be necessary in order to treat or alleviate a physical or mental defect or illness. Keep in mind that to be eligible to contribute to an HSA, you have to be enrolled in an HDHP. PRE-TAX BENEFITS ELIGIBLE EXPENSES Pre-tax benefits such as Flexible Spending and Health Saving Accounts cover a wide variety of health care expenses. No permission or authorization from the IRS is neces-sary to establish an HSA. You must be an eligible individual to qualify for an HSA. ![]() What Is a High Deductible Health Plan (HDHP)? A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. Please refer to the IRS-qualified medical expenses for a. These lists are not all-inclusive and do not guarantee reimbursement. Generally, for purposes of your HSA, qualified medical expenses typically include payments for doctor visits and hospital visits and stays, prescription medications, dental and vision care, mental health services, preventive care, and some medical equipment and supplies. Flexible Spending Accounts - Eligible Expenses Below are examples of eligible expenses for the following accounts: Health Flexible Spending Account, Limited Purpose Flexible Spending Account and Dependent Care Account. When you withdraw funds from your health savings account to pay for qualified medical expenses, the withdrawal is tax-free - i.e., the money you use for the expenses is not considered taxable income. The cost of home test- ing for COVID-19 and PPE is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings ac- counts (HSAs), health reimbursement arrangements (HRAs), or Archer medical savings accounts (Archer MSAs). What are qualified medical expenses? Qualified medical expenses are generally expenses incurred when dealing with a medical diagnosis, treatment, or preventive care. That’s a lot more money to help cover qualified medical expenses. It’s a smart way to save and pay for eligible healthcare expenses, because employees don’t have to pay federal or FICA taxes on the money they put. The 2024 HSA contribution limits represent an increase from the 2023 amounts of $550 for family coverage and a jump of $300 if you have individual coverage. Qualified health care expenses pdf not otherwise covered by medical, prescription, dental or vision insurance may be reimbursed. A Healthcare Flexible Spending Account (HC-FSA) is an employer-sponsored account letting employees set aside pre-tax dollars to pay for eligible healthcare expenses.
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