Using Your Health Savings Account To Pay For Over The Counter Supplements

Using Your Health Savings Account To Pay For Over The Counter Supplements

When the government tells you that you qualify for a tax deduction, you should take it. Don ' t claim more than you deserve, but take everything you ' ve got coming. There is no fealty in paying more taxes than you really owe. Using your Health Savings Account to pay for over - the - counter supplements is one deduction you want to make undeniable you don ' t miss.
Qualified Expenses
A limited list of experienced medical expenses is provided in IRS Scandal sheet 502. There is no analogous thing as a direct list of " efficient medical expenses ", though there have been thousands of cases involving the many nuances of what constitutes " medical care " for purposes of section 213 ( d ) of the Internal Revenue Code.
According to the U. S. Treasury Department, virtually any amount that is primarily for the prevention or alleviation of a indubitable or mental defect or malady can be considered a able medical appraisal. Any capable medical market price can be paid for tax - free using funds from your Health Savings Account.
Over - the - counter Medication
Most bathroom cabinets contain a bottle of Advil or aspirin, feasibly some antacids, cold and flu medications, and other over - the - counter medication. People who own Health Savings Accounts can pay for sleep aids, motion indisposition pills, throat lozenges, and most other over - the - counter medicines tax - free from their Health Savings Account.
Some people coextensive to take herbal remedies comparable echinacea and astragalus, which are proof stimulants and come in children ' s flavors. Herbal medicines can be paid for from your Health Savings Account only if prescribed by your medical practitioner. Fortunately, HSA legislation puts very few restrictions on the type of medical care you use, giving you, the consumer, the dynamism to decide how to manage your health.
Nutritional supplements
If nutritional supplements have been recommended by your medical practitioner, to treat or prevent a specific factor, then you may be able to use your Health Savings Account to pay for it. ( You may not use your Health Savings Account to pay for a vitamin taken for general health. )
As one example, there is a tremendous amount of evidence to support the use of fish oil to lower the risk of cardiovascular disease. It is one of the most important nutritional supplements for most people to take. In 2002, the conservative American Heart Association even issued a scientific statement saying:
" Omega - 3 fatty acids have been shown in epidemiological and clinical tragedy to reduce the incidence of CVD. Vast - scale epidemiological studies prompt that individuals at risk for CHD benefit from the consumption of plant - and seagoing - derived omega - 3 fatty acids, although the paragon intakes somewhere are obscure. Determine from next lower prevention studies suggests that EPA + DHA supplementation ranging from 0. 5 to 1. 8 g / d ( either as fatty fish or supplements ) significantly reduces looked toward cardiac and all - effect tomb. "
Some healthcare providers recommend that you take fish oil supplements to reduce your risk of cardiovascular disease, so you can pay for it from your Health Savings Account. If you send $5 or $6 a week on this supplement, that ' s the equivalent of numerous $300 that you don ' t have to pay income taxes on. Not only are you saving money, but you ' re also reducing the chance that you may one day be hitting Medicare up for a bypass operation. It ' s win - win for everybody.
Record keeping
To enable you to pay for small expenses like over - the - counter medications this day from your Health Savings Account, many HSA Administrators offer a debit make out. You may also reimburse yourself from your account if you paid with cash or a credit finger.
You can also choose to reimburse yourself from you Health Savings Account at a next date, giving the account some time to spread, tax - deferred. So save all your medical receipts in a file labeled " un - reimbursed medical expenses ", and whenever you are ready, you can reimburse yourself from your Health Savings Account.