Can a Health Savings Account (HSA), be used to pay for long term care, ie a home for alzheimer’s?
jbirwin6 asked:
Can an HSA be used to pay for long term care, assisted living facility, etc etc?
Fred
Can an HSA be used to pay for long term care, assisted living facility, etc etc?
Fred
Yes – You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow.
Long-term care insurance premiums and expenses do qualify. A complete list of qualified expenses may be found in the IRS publication 502..
Yes, for YOU or your dependents. NOT for your parents.
Some of the newer ones have that kind of flexibility. Some of the older ones may not, so you would need to check the specifics of yours.