Many of you might have a health savings account (HSA) and realize that you have more money account that you need . Maybe you're not even sure what the HSA's all. What is the money in your HSA account can be used?
In some cases, you can use the funds in your HSA to pay for health insurance premiums. The more you understand your HSA, the more you can work your tax-free money for you. Let's take a closer look. 
What is a Health Savings Account?
An HSA is a tax-exempt account you or your employer can pay money to, then you can put these funds to eligible medical expenses. In order to become eligible for an HSA, you must enroll in a high deductible plan. Your HSA money is yours and will continue to grow each year tax-free
qualified medical expenses, as defined by the Internal Revenue Service could include :.
- Hospital services
- prescription drugs
- long-term care
- Birth control
- treatment Institute of health
What about health insurance premiums?
a health insurance premium is the monthly fee charged by an insurance company for coverage. The amount of money charged for your insurance premium is determined by your age, health, residence, and more specific details.
Your HSA money can be used toward insurance premiums, but only specific types, such as care coverage long term health coverage while you are unemployed, and the Federal Coverage continuation of health care, also known as COBRA. If you are 65 or older, HSA funds can also be used to pay health insurance, with the exception of Medicare supplement policies.
However, if you try to use your HSA money to pay for large premiums in general medicine, which would be considered a non-medical withdrawal and would face taxes and penalties. Before you decide to use your HSA funds to pay your premiums, make sure your plan is eligible.
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