Qualified medical expenses must be incurred AFTER the HSA medical plan has been established.

IRS Publication 502 provides a checklist of expenses that can be itemized. Referred generally as the ‘213 (d)’ list, since it appears in IRS regulation 213 (d). Here is a link to the list of allowable/not allowable expenditures: http://www.irs.gov/pub/irs-pdf/p502.pdf.

In general, you can spend tax-free from your Health Savings Account on all medical, dental (including braces for your children), and vision expenses, chiropractic visits, and even acupuncture, but not on your insurance premium, unless you are unemployed and are collecting Federal unemployment benefits. Long Term Care premiums can also be paid for out of HSA funds.

As the regulation continues to evolve, qualified items are continually being added to the list so check back often. To view a quick reference list - click here.

Note: These lists are to serve as a quick reference and are provided to you with the understanding that HSA Medical Plans™ is not engaged in rendering tax advice. For more detailed information, please refer to IRS Publication 502 titled, “Medical and Dental Expenses,” Catalog Number 15002Q. Publications can be ordered directly from the IRS by calling 1-800-TAX FORM. If tax advice is required, you should seek the services of a competent professional.