Do you have a Health Savings Account (HSA) and are wondering if you can use it to pay for services at the urgent care center? The answer is yes! An HSA is a tax-advantaged savings account that allows you to save money for medical expenses. You can use the funds in your HSA to pay for medical expenses that meet IRS requirements, such as doctor visits and medications. You can contribute your own money to your account by making a global contribution or making periodic payments at any time, for any amount up to the maximum limit set by the IRS. You don't need to present any receipts to receive reimbursement for medical expenses; however, you must keep the receipts for 7 years in case you are ever audited.
These expenses include, but are not limited to, medical plan deductibles, diagnostic services covered by your plan, long-term care insurance premiums and Medicare Part B premiums, and other health insurance premiums if you receive federal unemployment compensation, LASIK surgery, and some nursing services. Therefore, you can pay for your out-of-pocket expenses for qualifying dental and eye care with pre-tax wage dollars. You can invest your HSA funds in any IRA-approved investment, such as bank accounts, annuities, certificates of deposit, stocks, mutual funds, or bonds. However, you are not allowed to have an HSA and a healthcare FSA at the same time, unless it is a limited health care FSA (LEX HCFSA).If you start the year with family coverage and switch to individual coverage in July of that year (for example), you are entitled to contribute half of the maximum family coverage and half of the maximum contribution to individual coverage.
Of course, you can wait to request a refund until the account has had a chance to accumulate the necessary amount. When you enroll in an HDHP, the health plan determines if you're eligible for a health savings account (HSA) or a medical reimbursement agreement (HRA) based on the information you provide. Your health plan will stop making contributions to your HSA and will open and begin crediting funds to an HRA on your behalf. You can also give your spouse access to your HSA by designating him or her as an authorized signer on the account. Coverage for accidents, disabilities, dental care, vision care, or long-term care doesn't disqualify you from opening an HSA.
