Q1 Where can we get a list of the expenses that are eligible to be paid for with our HSA account?
A1 Cut and paste this IRS address: http://www.irs.gov/pub/irs-pdf/p502.pdf – and scroll down to page 5.
Q2 Can I use the HSA money for eligible medical expenses of my family members in addition to myself without the funds becoming taxable?
A2 Yes.
Q3 After I leave ACPL, can I use my HSA to pay for health insurance premiums?
A3 Yes, but only under limited circumstances. Only if you are collecting unemployment compensation or to pay for COBRA insurance continuation coverage. HSA money can also be used to pay for Medicare premiums, deductibles, copays, and coinsurance under any part of Medicare. However, contrary to what was stated in many employees meetings, you CANNOT use HSA money to pay for SUPPLEMENTARY Medicare insurance (also known as Medigap insurance). My apologies for this error.
Q4 If I have money in my HSA when I’m older than age 65, do I have to pay taxes on the money if I spend it on non-health care expenses?
A4 You’d still have to pay regular taxes on the money used for non-medical things, BUT, contrary to what was stated in some employee meetings, the 10% tax penalty does NOT apply once you turn age 65. Neither does the tax penalty apply if you become disabled (at any age). My apologies for this error.
Q5 Can I use my HSA funds to pay for eligible medical expenses of other family members – without making the funds taxable?
A5 Yes!
Q6 I heard there’s a good Q and A section for HSAs at the US Treasury’s website. Can you provide the address?
A6 Sure. Here it is: http://www.ustreas.gov/offices/public-affairs/hsa/faq_using.shtml#hsa13
Peter
Allen County Public Library!
"Great Hall"
