HSA Account Expenses

[pnutmnm]

DH has an HSA account through work. They fund it for him and he also contributes to it. My question: We are paying of DS braces $145 per month. From DH old insurance, they already contributed their portion for coverage. Can we use the HSA to make the monthly payments?

If this is allowed, can I get reimbursed for the payments made last year?

Thanks

 

[clh2]

AT MY COMPANY: the amount my employer contributes can only be used for health-related expenses (i.e. not vision or dental). Any amount I contribute above and beyond what the employer contributes can be used for other expenses - i.e. dental and vision.

We keep very detailed records, as I'm not sure what the IRS would need if they audited you.

 

[elcodfish]

Call and ask. I can use mine for dental and vision. As for last year, I assume you have to submit before the end of the year, so you are probably out of luck.

 

[kelcoppens]

No, sorry. You cant use 2011 HSA funds for something purchased in 2010.

 

[ArielsMommy]

They also have new rules as of January 1, 2011 as to what it can be used for and what it cannot be used for. The provider should be able to send you a list of what is included, I just got a new list last week.

 

[SuzanneSLO]

No, sorry. You cant use 2011 HSA funds for something purchased in 2010.

That may not be correct. You can use the funds in an HSA for any qualified medical expense incurred after you opened the HSA, even years later. So, if you opened an HSA on or before January 1, 2010, then had $20,000 of reimburseable medical expenses in 2010, but only $6,150 in the account (the maximum for an account with family benefits), you can reimburse additional sums in 2011, even if you have no new expenses.

The opposite is ture as well. If you opened an HSA on or before January 1, 2010, then had $2,000 of reimburseable medical expenses in 2010 and $6,150 in the account (the maximum for an account with family benefits), you can reimburse qualified medical expenses incurred in 2011, even if you put no new money in the account.

The key is the account opening date. Only qualified expenses incurred after that date can be reimbursed, but there is no deadline on when the distribution must take place. It can happen immediately or years later.

You can learn more than you want to know about HSAs in IRS Pub 969, which you can find online. -- Suzanne

 

[pnutmnm]

The plan was in effect January 1, 2010. I was just wondering if we could still submit the receipts for the payments to the orthodontist for reimbursement - IF we can use it to even pay the orthodontist.

 

[pinkteacup]

We also have an HSA. I was able to pay for my son's braces in full using the money in our account. According to our plans guidelines, braces are an approved expense.

 

[thebeesknees]

Call your HSA and ask. With ours, we can only use money contributed in 2011 for expenses incurred in 2011. And we have to incur the expense, then submit it for reimbursement. We can use ours for dental, medical and vision, so it appears that it may depend on the company. Our HSA account help line has been great about answering questions I have about what will or will not be covered.

 

[dzorn]

Call your HSA and ask. With ours, we can only use money contributed in 2011 for expenses incurred in 2011. And we have to incur the expense, then submit it for reimbursement. We can use ours for dental, medical and vision, so it appears that it may depend on the company. Our HSA account help line has been great about answering questions I have about what will or will not be covered.

Flexible spending accounts are limited to play year but IRS guidelines allow for HSA to be used at any point in the future. I would get the IRS guidelines and read them then call your plan administrator to let them know they are not following guidelines. What is the point of having money in there saved from previous year then?

Denise in MI

 

[bear_mom]

Well, there are two different types of accounts out there: HSA and FSA for health care related items.

We have an HSA attached to a high deductible health care plan. Dh's company contributes to it as do we. The money rolls over from year to year and we can use the money for doctor, perscriptions, eye, dental, etc. I thik they did chnage the rules this year and we can't buy over the counter medications with it anymore.

Then there is a FSA account. This type of account you put in how much money you think you will use that year and it can only be used for that year.

Emily

 

[ADKSPiette]

I'd go to the employers website for more information about how their benefits work. I agree with Suzanne about the reimbursement being eligible AFTER the date the account was opened.

 

[cvrapclark]

The last couple of years, my FSA has allowed you to claim expenses up to March of the next year if you have any money left in the account.