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Not all medical procedures are priced equally. Before your appointment, use this calculator to determine a fair price for the service, procedure or office visit. This resource recommends pricing that providers typically receive from insurance companies in your area.
Yes, but funds used for non-qualified medical expenses must be reported on the HSA owner’s annual income taxes and are subject to income tax and a 20% penalty. The 20% penalty doesn’t apply to withdrawals made after the accountholder has reached age 65 or after their disability or death.
There is no deadline for submitting claims for reimbursement from an HSA. In the event of an IRS audit, the accountholder will be required to produce receipts for any medical expenses for the amounts that have been reimbursed from their HSA.
Yes. In additional to paying for the accountholder’s own expenses, the HSA can be used to pay for a spouse’s and/or child(ren)’s qualified expenses, regardless of their insurance coverage. For additional information regarding domestic partnerships, divorce, etc., see IRS publication 969.
Funds can be withdrawn online, via debit card or by mail or fax.