i used my health savings account for non-med purposes. now what?
siLlY LilLy asked:
i uses my health savings card at walgreens for non medical purposes. what will happen? will i get in trouble with my taxes? i only spent 30 dollars.
i uses my health savings card at walgreens for non medical purposes. what will happen? will i get in trouble with my taxes? i only spent 30 dollars.
this is an account that i would like to close. there have been no contributions made to it since aug 08. and there is only 40 dollars left (after the walgrees purchase) what would be the best thing to do?
Rob
RUN!
Well! what did you buy? if you buy something is not medicine you will be a big trouble. But don’t worry the worst thing can happen is the sent you a bill for what you need to pay $ 30.00 plus interest.
Usually the company who runs the HSA will request a “proof of purchase” kind of thing every once in a while. You may end up having to back owe them or something along that line, but I can’t say for sure. I think you may want to find out from the company your HSA is through to find out what to do w/ the tax respect of that. I work in a pharmacy and people come in every day to get printouts for totals requested by the company. Most of them look up what is and is not allowed on that sheet they send you of “allowed purchases” and USUALLY if they try to make one that isn’t on the list, it won’t allow the transaction to go through. Like I said, it’s just best to check with the company to find out how to handle it.