Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. These have been selected to offer a broad and diverse range of investment objectives, with high Morningstar ratings and some of the lowest expense ratios in the industry. You may choose from among a number of pre-selected mutual funds from nationally recognized fund families. I have some investment experience and prefer mutual funds. Once you answer a few brief questions about your investment goals and priorities, Betterment will build a personalized portfolio of exchange-traded funds (ETFs) with investment mixes and risk levels that are suitable for you. Betterment is an independent online investment advisor and combines low-cost, tax-efficient investment strategies with technology and personalized advice to help you pursue your financial goals. You may choose to have Betterment manage your investment funds. I want help investing and don’t want to spend a lot of time managing my portfolio. You can choose to invest based on how experienced you are and how involved you want to be in selecting your investments. You currently have diverse investment options in your HSA, including self-directed mutual funds and digitally managed investments from Betterment. Cosmetic surgery (unless a wig related to hair loss from disease)įor further information, refer to IRS publication 502.Travel your doctor told you to take for rest or change.The hospital insurance benefits tax, withheld from you pay as part of the Social Security tax or paid as part of Social Security self-employment tax.Life insurance or income protective policies.Health insurance premiums other than those listed above, including Medicare Supplement, Medicare Part D Rx Plans, and Medigap policies.The following are expenses that are often mistaken as qualified HSA expenses, but are NOT eligible: For individuals over age 65 - premiums for Medicare A or B, Medicare HMO, and the employee share of premium for employer-sponsored health insurance.Health care coverage while an individual is receiving unemployment compensation.COBRA or State Continuation health care continuation coverage.Most insurance premiums do not qualify as a health-savings-account expense, but there are a few including: Insurance Premiums That Qualify as HSA Expense Medical conferences (for ill spouse/dependent)Ĭosmetic surgery (from trauma or disease) As always, consult your tax advisor should you require specific tax advice.Ĭar special hand controls(for disability) Remember, the IRS may modify its list of eligible expenses from time to time. The following list provides examples of eligible and ineligible medical expenses. The expenses must be primarily to alleviate or prevent a physical or mental defect or illness, including dental and vision.Īny funds you withdraw for non-qualified medical expenses will be taxed at your income tax rate plus 20% tax penalty if you’re under 65. Funds you withdraw from your HSA are tax-free when used to pay for qualified medical expenses as described in Section 213(d) of the Internal Revenue Service Tax Code.
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