July 17th, 2015 | By: Ann Carrns
Health savings accounts are becoming more prevalent, but it’s not always easy for consumers to know what items they can purchase with funds from the accounts. H.S.A.s are special tax-favored savings accounts that must be paired with a specific type of health insurance plan that meets certain criteria, including a high deductible. The accounts can be used to cover your plan’s deductible, co-payments and treatments your plan doesn’t cover, like dental care or acupuncture. Deposits are tax-free and withdrawals are, too, as long as the funds are spend on eligible medical expenses. Money in the account rolls over year to year if you don’t spend it. And unlike other types of health spending accounts, H.S.A.s go with you if you get a new job. Read article here.