HSA: it’s a 3-letter acronym that stands for Health Savings Account.
To refresh your memory, let’s take a look at the official definition of an HSA.
According to healthcare.gov, a Health Savings Account is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.
When it comes to HSA’s, there’s one particular question that always seems to pop up the most…
Can I use my HSA money on my dependents who are not enrolled on the health insurance plan?
YES! You can absolutely use your HSA money even for those dependents (spouse or children) who are not enrolled on your health plan.
This money can be used on their medical, dental, vision and prescription claims!
Just remember that you cannot pay any health, dental or vision insurance premiums using your HSA money.
For any other additional information on what you can and cannot spend your HSA money on, contact us at Clevenger Insurance at 574-267-2181 or your local financial institution that your HSA account is managed by.