HSA (Health Savings Account) Debit Card

By: EconomyWatch   Date: 6 October 2010

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The hsa(health savings account) debit card is a plastic card used for the purpose of paying ones medical expenses at the point of service. The hsa debit card is linked to a health savings account.

The health savings account is a medical savings account which is made available to the ones who pay their taxes in the United States of America. The taxpayers are required to be registered with HDHP(high deductible health plan).
 

 

  • Features of the hsa debit card:

The hsa debit card has the following essential features:

  • the hsa debit card can be used only at health related places.
  • Only qualified expenses fall within the purview of the hsa debit card.

 

  • Qualified expenses

Qualified expenses may include:

  • contact lenses
  • spectacles
  • lens cleaning solutions
  • dietary supplements
  • weight loss medicines approved by a medical practitioner
  • psychologist's charges
  • over the counter drugs
  • dental medicines etc.,.

 

  • Usefulness of the hsa debit card

The hsa debit card can be used for making purchases on the internet provided the expenses fall under qualified expenses.

  • The hsa debit card can only be used for qualified expenses, one cannot access cash with the hsa debit card.

 

  • The type of transaction selected should be “credit” when asked for by the merchant. One needs to sign when making purchases with the hsa debit card.This is because the hsa debit card does not require a PIN.

 

  • One can keep the itemized receipt of the purchases made with the help of the hsa debit card to avail of the tax benefits.

In the event of non acceptance of the hsa debit card, it can be attributed to the following reasons:

  • the items or one of the items asked for, at the counter may not be falling in the qualified expenses category.

 

  • One can remove any such item and try again.

 

  • The other reason may be the hsa debit card account may be having insufficient fund for purchasing the medical items.

 

 


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