What is an HSA-eligible expense?

Health savings accounts (HSAs) were created in 2003 to allow people to set money aside for their healthcare costs on a tax-favored basis; however, to contribute to an HSA, you need to have a high-deductible health plan (HDHP). A HDHP is a plan with a higher deductible than a traditional insurance plan. The monthly premium is usually lower, but you pay more health care costs yourself before the insurance company starts to pay its share (your deductible). In Robert Hartill’s article he reviews how the CARES Act has broadened the list of HSA-eligible expenses and what’s on the list for 2020 and 2021. Read Mr. Hartill’s article here…

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