There is not an independent party that approves claims and releases funds from the account. Individuals typically receive a check book and a debit card, and are responsible for paying providers as they are billed. In order for these amounts to be applied towards your deductible and take advantage of any discounts your plan has, you want to make sure the claim gets processed through your insurance carrier. In the event of an IRS audit, it is the individual account holders responsibility to prove that deductions for the account were for qualified medical expenses. Keep good records.
What is an HSA?
Why an HSA?
Who is eligible for an HSA?
Is an HSA right for everyone?
Do I need a certain type of Insurance Plan?
Do I need a certain type of account?
Employer Benefits of HSA Plans
Employee Benefits of HSA Plans
HSA Tax Treatment
Tax Treatment: Inviduals
Tax Treatment: Employer Contributions
How are Distributions Taxed?
Who May Contribute?
How much may be contributed to an HSA in calendar year 2006?
Tax Treatment of Contributions
What are catch up Contributions?
What are “Qualified Medical Expenses?”
Are health insurance premiums qualified medical expenses?
How are claims adjudicated and processed?
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