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Health Savings Accounts - What you can / can't use the money for
Health Savings Accounts (HSA) are on the rise again. More companies are also allowing their employees to participate in HSA's. To understand HSA's and how they work, we recommend reviewing that information online.  The purpose of this article is to explain what you can do with the money in your Health Savings Account..You can make a contribution into your HSA each year that you are eligible. For 2008, you can contribute up to $2900 for single coverage and $5800 if you elect family coverage.Individuals over age 55 can make an additional contribution of $900. These amounts are adjusted annually for inflation.Your HSA account is usually through a bank, credit union or financial services company. The money within your account can be invested and grow tax deferred.You can use the money within your account to pay for any "Qualified Medical Expenses" permitted under the federal tax code.The most common being; most medical care and services, dental and vision, and medications, including over the counter drugs such as aspirin. Your HSA most likely has a Debit Card to use for these expenses.Most people do not understand that you can NOT use this money to pay for your health insurance premiums. There are a ... more

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