Brokers, HR Executives, CFOs, Producers: Employers are concerned and even confused by the current alphabet soup prevalent in the employee benefits marketplace. On "The Benefits Buzz: Inside Health Insurance in America" host Sharon Alt and her expert guests clear up some of that confusion by offering answers to the difficult questions in a clear, understandable manner.
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Things at Sharon Alt's company began to unravel after she and her 50-50 partner began having fundamental disagreements about the business' future direction. With no exit strategy, it took nearly a year of tense negotiations and the help of a mediator before the partnership was dissolved. Read More
The IRS and the Federal Courts have deemed certain medical and healthcare expenses to be qualified for reimbursement through Health Savings Accounts (HSA). Click the links below for more information.
Please note that Alt Benefit Consultants, Inc., does not intend these lists to be comprehensive tax advice.
For more detailed information, please consult IRS Publication 502 or see your tax advisor.
Deductible Health Care Expenses
The IRS and the Federal Courts have deemed certain medical and healthcare expenses to be qualified for reimbursement through Health Savings Accounts (HSA). Please note that Alt Benefit Consultants, Inc., does not intend this list to be comprehensive tax advice. For more detailed information, please consult IRS Publication 502 or see your tax advisor.
Acupuncture
Alcoholism (treatment)
Ambulance (hire)
Autoette or wheelchair
Blind persons services
Braces
Capital expenditures -- Primary purpose must be medical care, i.e. home modifications for handicapped persons
Car equipped to accommodate wheelchair and/or handicapped controls
Childbirth preparation classes (mother)
Chiropractors
Contact lenses, replacement insurance
Crutches
Deaf persons -- Hearing aid and batteries, hearing aid animal and care, lip reading expenses, special education, modified telephone, etc.
Dental fees
Dentures
Diagnostic fees
Diapers (adult disposable) used due to severe neurological disease
Doctor's fees
Domestic aid -- rendered by nurse
Drug addiction recovery
Drugs (prescription)
Dyslexia language training
Elevator alleviation of cardiac condition
Eyeglasses and examination fee
Fluoride device (on advice of dentist)
Halfway house (adjustment to mental hospital)
Healing services fees
Health Maintenance Organization
Hospital care
Insulin
Iron lung
Laboratory fees
Laetrile (by prescription)
Lead paint removal
Legal expenses (authorizing treatment of mental illness)
Mattress (prescribed for alleviation of arthritis)
Membership fees (association furnishing medical services, hospitalization, and clinical care)
Mentally handicapped person's costs for special home
Nursing home (medical reasons)
Nursing services (board and Social Security paid by taxpayers)
Obstetrical expenses
Operations (legal)
Optometrists
Orthodontia
Orthopedic shoes (excess costs)
Osteopaths
Oxygen/oxygen equipment
Prosthesis
Psychiatric care
Psychologists
Psychotherapists
Reclining chair for cardiac patient
Remedial reading
Retirement home lifetime medical care
Sanitarium rest home (medical, educational, rehabilitative services)
Schools (special, relief, or handicapped)
Sexual dysfunction treatment
Surgical fees
Swimming pool (treatment of polio or arthritis)
Teeth (artificial)
Television (closed-caption decoder)
Therapy treatments (prescribed by a physician)
Transportation (essentially and primarily for medical care)
Vitamins (prescription)
Wheelchair or autoette
X-rays
Deductible Over-the-Counter Drugs
The IRS and the Federal Courts have deemed certain over-the-counter (OTC) drugs to be qualified for reimbursement through Health Savings Accounts (HSA). Please note that Alt Benefit Consultants, Inc., does not intend this list to be comprehensive tax advice. For more detailed information, please consult IRS Publication 502 or see your tax advisor.
The IRS and the Federal Courts have deemed certain over-the-counter (OCT) drugs to be non-qualified for reimbursement through Health Savings Accounts (HSA). If you make a withdrawal for non-qualified health care expenses, a penalty of 10% plus ordinary income taxes will be due on the amount used. Please note that Alt Benefit Consutlants, Inc., does not intend this list to be comprehensive tax advice. For more detailed information, please consult IRS Publication 502 or see your tax advisor.
Advance payment for services to be rendered next year
Athletic club membership
Automobile insurance premium allocable to medical coverage
Boarding school fees
Bottled water
Commuting expenses of a disabled person
Cosmetic surgery and procedures
Cosmetics, hygiene products, and similar items
Funeral, cremation, or burial expenses
Health programs offered by resort hotels, health clubs, and gyms
Premiums for life insurance, income protection, disability, loss of limbs, sight or similar benefits
Social activities
Special foods and beverages
Stop-smoking programs
Travel for general health improvement
Weight loss programs
Non-Deductible Over-the-Counter Drugs
The IRS and the Federal Courts have deemed certain over-the-counter (OCT) drugs to be non-qualified for reimbursement through Health Savings Accounts (HSA). If you make a withdrawal for non-qualified health care expenses, a penalty of 10% plus ordinary income taxes will be due on the amount used. Please note that Alt Benefit Consutlants, Inc., does not intend this list to be comprehensive tax advice. For more detailed information, please consult IRS Publication 502 or see your tax advisor.
