Ways to Use Your HSA for Beneficiaries, Dental Costs and Reimbursements
“Never say never!” It sounds like sneaky Pete is at it again. Yup, he’s still telling that tale about pirates, fairies and mermaids. Even his sidekick Tinker Bell is backing him up on his cockamamie story. Hmph, Peter Pan has a lot of game if he can get you to believe that myth, especially the ones flying around about Healthcare Savings Accounts (HSAs). Gosh, is this child ever going to grow up?
We, at Achieve Financial Group, don’t want you to be a lost boy when it comes to paying for your healthcare with your HSA. So, on a wendy day we’re going to use some pixie dust and drift on over to Never Never Land. While we’re there we’re going to hook you up with some true facts about HSA and the advantages you get with an account. But first, let’s clear up one myth:
- Myth – You can only use HSA for yourself with a single coverage plan.
Truth – Your HSA funds can be used to pay for IRS-qualified medical expenses for anyone that you claim on your taxes.
What you’re able to do with your HSA account
- You can pay yourself back from your HSA for IRS-qualified medical expenses that were paid out of pocket through an HSA Bank Health Benefits debit card, online transfer or reimbursement by check.
- You can receive online alerts from an HSA bank and be notified about account activity.
- By using an HSA to pay for braces, you can save a significant amount off the total cost.
- You can use a Healthcare Bluebook, which is a free service to help you save on out-of-pocket healthcare expenses by providing you with cost and quality transparency.
Peter Pan may want to deny his real age, but he can’t deny you all of the magical rewards that you get with your HSA. Remember, once upon a time when you got your HSA, it was the time for you to embark on a new adventure with extraordinary healthcare assistance.