What is HDHP and HSA?
With rising insurance costs, many American’s are turning to a high deductible health plan (HDHP) to reduce medical costs. What is a high deductible health plan? As defined by www.healthcare.gov , “A plan with a higher deductible than a traditional insurance plan. The monthly premium is usually lower, but you pay more health care costs yourself before the insurance company starts to pay its share (your deductible). A high deductible plan (HDHP) can be combined with a health savings account (HSA), allowing you to pay for certain medical expenses with money free from federal taxes.”
How can you spend your HSA money?
So, what “certain medical expenses” are qualified for use of HSA funds? Generally, you can use this money to pay for balances not covered by your insurance for doctor, dentist, or prescription bills. You can also use this account for medical supplies such as crutches, pill splitters, ear care, and much more! Because this money can only be used on qualified purchases you want to make sure you aren’t spending these funds on the wrong items.
How can you be sure your medical supplies are covered?
Amazon has made it easy to know by using the search tool and selecting “FSA or HSA Eligible Products”. You can also use this link to be directed to the FSA & HSA Store page. Using this feature ensures that your purchases are eligible for payment from your HSA card. The tax breaks you receive from using an HSA account can add up to great savings.
Make your money work for you and save on your medical supplies today!