Health Savings Account

[SamInTheSky]

Greetings all!

Kind of an odd question. I have to go through a test for a denied application before reapplying. I have a health savings account that I contribute to and have hardly touched it. I know insurance doesn’t cover these tests, but has anybody had any luck with using their health savings account to pay for a portion of the procedure?

 

[455 Bravo Uniform]

Greetings all!

Kind of an odd question. I have to go through a test for a denied application before reapplying. I have a health savings account that I contribute to and have hardly touched it. I know insurance doesn’t cover these tests, but has anybody had any luck with using their health savings account to pay for a portion of the procedure?

I think it’s quite simple. Pull money out to pay, and then claim the expense on your tax filing so that you don’t get taxed on any gains.

You already put money in tax free, it grew (hopefully grew) tax free, and you get to use it (cash out) for qualified expenses tax free.

EDIT: lest I gave bad advice, never having used my HSA for this, and not being a tax or financial advisor:

Publication 502 (2024), Medical and Dental Expenses | Internal Revenue Service

www.irs.gov

 

[Rcmutz]

HSA should be good for ANY medical expense, tax free. Just keep good records for taxes next year.

 

[SamInTheSky]

Thanks All!

 

[MIFlyer]

Consider keeping it in there, invest in mutual funds and withdraw after you retire.

3x tax free if you can pay for medical copays OOP


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