Learning Center / IRS Qualified Medical Expenses HSA, HRA, Healthcare FSA and Dependent Care Eligibility List The following is a summary of common expenses claimed against Health Savings Accounts (HSAs) , Health Reimbursement Arrangements (HRAs), Healthcare Flexible Spending Accounts (HC-FSAs), and Dependent Care FSAs (DC-FSAs). The IRS has added personal protective equipment (commonly known as "PPE") to the list of eligible expenses for HSA, medical FSA, HRA, and VEBA plans. Latest Stock Picks Investing Basics ... and take tax-free withdrawals to cover HSA eligible expenses. HSA - You can use your HSA to pay for eligible health care, dental, and vision expenses for yourself, your spouse, or eligible dependents (children, siblings, parents, and others who are considered an exemption under Section 152 of the tax code). You can pay for a wide range of IRS-qualified medical expenses with your HSA, including many that aren't typically covered by health insurance plans. Like your personal debit card or credit cards. Health Flexible Spending Accounts (HFSAs), Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs) – New Eligible Expenses. videos. hsa withdrawal tips & strategies. The IRS announced on March 26, 2021 that PPE has been added to the 213(d) eligible expenses list. Among the stress and uncertainty of the COVID-19 pandemic and the upcoming whirlwind of the holidays, taking care of yourself and … * Important note for HSAs: The Ultimate FSA/HSA Shopping Guide: HSA/FSA Eligible Expenses for 2020 Something tells us you’ve been through a lot this year. For a complete list of IRS-qualified medical expenses visit irs.gov or view a list of qualifying examples. Expense Scout prompts you to a list of expenses for review. For the first time, menstrual care products are considered qualified medical expenses for payment or reimbursement with an HSA, FSA or HRA. Letter In addition to the required detailed receipt, you will need to submit a Letter of Medical Necessity , signed by your doctor, to verify this expense is a medically-necessary treatment for a known medical condition. and menstrual products are considered HSA 101: Paying for Eligible Expenses View Now Download Now. HSA Eligible Expenses Expanded On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. This includes deductibles, co-insurance, prescriptions, dental and vision care, and more. The CARES Act expanded the list of eligible expenses for HFSAs, HSAs and HRAs retroactive to January 1, 2020. You can pay for eligible medical expenses for your spouse and tax dependents even if they’re on different insurance, and even if they aren’t eligible to contribute to HSAs. Eligible expenses include health plan copayments, dental work and orthodontia, eyeglasses and contact lenses, and prescriptions. One avenue that provides for cost containment combined with the opportunity to save for the future is the Health Savings Account (HSA). Both provisions for OTC and menstrual products apply to amounts paid or expenses incurred on or after January 1, 2020, and are ongoing without an expiration date. ; You’re not required to reimburse yourself from your HSA in the same tax year as the expense. The type of account you have may determine whose costs are covered and which costs are eligible. Goodbye, seasonal sneezing!) Don’t spend your time scanning receipts trying to find your HSA-eligible medical expenses. This is the maximum you can contribute to your HSA in 2020 and 2021. Instead, use Lively’s Expense Scout to scan and alert you of potential HSA-eligible expenses from linked external accounts.
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