As the cost of healthcare continues to rise, you and your family can be better prepared financially when medical needs arise. With a tax-advantaged HSA from Signature, you can save now for medical costs down the road. It’s a great way to help cover that high deductible on your current healthcare plan. You’ll earn interest and have access to funds to pay eligible expenses, like doctor bills, prescriptions, and more.
Unlike flexible spending accounts, HSAs generally cover a broader range of qualified medical expenses, and they don’t operate under the “use-it-or-lose-it” rule.
Because Health Savings Accounts were created by the tax code, it is the Internal Revenue Service that determines what expenses can be reimbursed and what cannot. Here are some examples of qualified and nonqualified medical expenses. www.irs.gov/publications/p502 will provide you with a complete list.
Examples of qualified expenses: