Prepare for medical expenses by saving your money.
Unexpected medical expenses can wreak havoc on your finances. Participating in a tax-deductible Health Savings Account (HSA) can lessen the burden. The account allows you to save money for medical expenses incurred by yourself or your family. You must enroll in a High Deductible Health Plan (HDHP), and then see if you qualify for the HSA. Your provider chooses which allowable expenses to cover based on a list provided by the Internal Revenue Service (IRS).
Physical Examination
According to the IRS, a physical examination is a qualified medical expense. In addition to the examination, lab fees associated with the examination are covered as well. It doesn't matter if you're well or ill during the exam, the expense is allowable. However, just because an expense is allowed by the IRS doesn't mean your plan covers it.
Weight-Loss Program
A weight-loss program is allowed if you're losing weight to treat a disease, such as diabetes or high blood pressure. Your doctor must diagnose your condition and recommend a weight-loss program. Things covered include the cost of joining the program and costs associated with meetings. Membership fees for a spa, gym or health club aren't allowable expenses, but fees charged at those places for weight loss activities are an allowable expense.
Dental Treatment
Dental treatment is an allowed expense if the treatment alleviates or prevents dental disease. For example, fees charged for professional teeth cleaning are an allowable expense. Getting braces or dentures also counts as a qualified expense. An HSA will not cover any dental procedure you get simply to improve your looks, such as teeth whitening.
Eye Examinations
Eye exams and surgery are allowed expenses. Eyeglasses and contacts are allowed as well if they are to correct defective vision. You may also list expenses related to maintaining your contacts and eyeglasses, such as cleanser or saline solution.
Tags: medical expenses, allowable expense, associated with, fees charged, weight-loss program
