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What Expats Should Know About Health Savings Accounts

Most of us want to get the utmost savings in whatever we need – may these be daily commodities, leisure, or insurance. Now, Health Saving Accounts are gaining popularity to many insurance holders because of the benefits that they can have out of this. However, there is only one problem that people are having trouble with even if they have Health Savings Accounts. They [Expats] don’t know what items they should get. It is a dilemma that is not apparent in our society because not everyone owns a Health Savings Account. The good thing about this is account is how it can be paired up with health insurance plans (click here to get one, if you do not have) to cover those expenses that are usually not part of it. It may come in the form of dental care or acupuncture fees, or other deductibles that are typically taken out of your pocket if you don’t have a Health Savings Account. Another positive point in this is that the monetary value of the amount does not reset itself but rolls over year by year if you didn't spend it on anything.
Along with the positive side of this account, however, there are some negative sides to it. For one, you can’t use this account to buy non-prescription articles. But there are also those that you can get without prescriptions that can be quite confusing to some who doesn’t know. Another thing is that if you make a mistake of buying items that are not part of the list of HAS included items, and then you will have a penalty for that. You just have you get it right – sadly, for every mistake, you get a 20% penalty instead. Here is the list of eligible items from that you need to remember when you get something in the pharmacy or the health care institutions using your Health Savings Account:
• Acupuncture
• Alcoholism
• Ambulance
• Annual Physical Examination
• Artificial Limb
• Artificial Teeth
• Autoette
• Bandages
• Birth Control Pills
• Body Scan
• Braille Books and Magazines
• Breast Pumps and Supplies
• Breast Reconstruction Surgery
• Capital Expenses
• Car
• Chiropractor
• Christian Science Practitioner
• Contact Lenses
• Crutches
• Dental Treatment
• Diagnostic Devices
• Disabled Dependent Care Expenses
• Drug Addiction
• Drugs
• Eye Exam
• Eyeglasses
• Eye Surgery
• Fertility Enhancement
• Founder's Fee
• Guide Dog or Other Service Animal
• Health Institute
• Health Maintenance Organization (HMO)
• Hearing Aids
• Home Care
• Home Improvements
• Hospital Services
• Insurance Premiums
• Intellectually and Developmentally Disabled, Special Home for
• Laboratory Fees
• Lactation Expenses
• Lead-Based Paint Removal
• Learning Disability
• Legal Fees
• Lifetime Care — Advance Payments
• Lodging
• Long-Term Care
• Meals
• Medical Conferences
• Medical Information Plan
• Medicines
• Nursing Home
• Nursing Services
• Operations
• Optometrist
• Organ Donors
• Osteopath
• Oxygen
• Physical Examination
• Pregnancy Test Kit
• Prosthesis
• Psychiatric Care
• Psychoanalysis
• Psychologist
• Special Education
• Sterilization
• Stop-Smoking Programs
• Surgery
• Telephone
• Television
• Therapy
• Transplants
• Transportation
• Trips
• Tuition
• Vasectomy
• Vision Correction Surgery
• Weight-Loss Program
• Wheelchair
• Wig
• X-ray
For some who are now really sure about their Health Savings Account, here are some answers to some FAQs:
1. How to acquire a prescription for Over-the-Counter Medications?
All you need to do in this one is visit a physician and explain to them about your condition. It is better to head immediately to your doctor if you need medical attention; that way, you don’t need to be problematic on how you can obtain a doctor’s prescription.
2. Can I use my Health Savings Account to pay for my insurance policy?
Usually, you can’t pay for premiums unless you want to obtain a long-term health insurance, continuation insurance coverage, or other policies that you can get after the age of 65.
3. Who can contribute?
The employee and the employer are both eligible to pay the contribution; however, a family member can also pay in your place.
4. How much should I contribute to my Health Savings Account?
For those contributing to their self alone, it is $3350; however for family contributions, it is $6650, and this covers the every member already.
5. Can I withdraw my Health Savings Account Funds anytime?
Yes. However, if you are using the fund for other expenses that are non-eligible, a 20% penalty will be given to you. But if you are over 65 years old, you can withdraw your funds without an incurring penalty.
Overall, having a Health Savings Account is a good thing; however it still depends on the holder on how he or she uses it to save well on medical expenses. It is important to obtain in-depth awareness not only with your insurance policy but also with the Health Savings Account if you have one. That is why; if you are someone who wishes to get the utmost savings on things, enrolling for a Health Savings Account may be necessary. 
August 11, 2015 00:00:00


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