Can Hsa Funds Be Used For Long Term Care Insurance?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Yes, HSA funds may be used for Long Term Care Insurance premiums if your LTC policy is tax-qualified. The amount that is considered a qualified medical expense depends on your age. In 2013, you can withdraw up to $360 from your Health Savings Account tax-free if you are 40 years old or younger; $680 if you are age 41-50; $1,260 if you are age 51 to 60; $3,640 if you are age 61 to 70; and $4,550 if you are age 71 or older.
    Answered on May 25, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Your HSA account can fund both long term care insurance premiums and the cost of long term care billing events. There are withdrawal limitations based on your age group. Keep in mind that your contributions to your HSA account tax deductible. If you use these funds for non-qualifying items you may be subject to an ordinary income tax event.

     
    Answered on May 25, 2013
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