How did I NOT know this

[Vigilant]

Cruising Amazon after uploading my HSA Debit card I come across all this stuff that I’m eligible to purchase with the wife’s company’s money! Zero out of pocket for me.

[/URL][/IMG]2 AMK Trauma Packs, two military cravats, 4” and 6” IBD’s, H&H compressed gauze, Z fold gauze. Essentially FREE to me.(wife’s company prefunds. card with $2K per year and it rolls over if not used!

 

[MCgrease08]

Interesting. I guess I've never looked closely at what med supplies are HSA eligible. I built up two IFAKs last year, but have considering something more robust for the vehicle.

 

[ArcadiaGP]

How do you tell what's eligible? Does it just tell you when ordering things?

 

[Vigilant]

Interesting. I guess I've never looked closely at what med supplies are HSA eligible. I built up two IFAKs last year, but have considering something more robust for the vehicle.

Me neither that’s why I’m so happy/ disappointed. All of this is going in an Orange Plano “ammo can” along with a booboo kit and going in the Terrain. Next week, I buy more of the same to throw in the Jeep for a dedicated never leave car kit.

 

[Vigilant]

How do you tell what's eligible? Does it just tell you when ordering things?

Little filter that says FSA HSA eligible. Some items have FSA/HSA eligible in the listing too.

 

[MCgrease08]

How do you tell what's eligible? Does it just tell you when ordering things?

Rather than just trusting Amazon, if you have an HSA then the provider of the plan should have documentation on their website about what's eligible. Or maybe the IRS website would.

 

[Vigilant]

So far Amazons filter has worked, it is weird that some things just like the ones I bought are not eligible, and others are.

 

[Dead Duck]

FSA/HSA eligible?
Is this a special club or something?

Your wife's work perk from her insurance maybe?

 

[Vigilant]

FSA/HSA eligible?
Is this a special club or something?

Your wife's work perk from her insurance maybe?

Flex Spending/Health Savings account. Yes an addition to health insurance, but this one is mainly company funded, we can contribute if we so desire.

 

[Dead Duck]

WOW!
Hell of a perk. Those things can be pricey.

 

[Vigilant]

Perusing Amazon some more, almost all of Adventure Medical Kits are eligible, lots of H&H, not much in the way of TQ’s, QwikClot and Celox, all in all you can put together a decent kit all eligible for FSA/HSA benefits. Now I’ll have to keep from spending it all on Just this stuff.

 

[JettaKnight]

So, getting that stuff with HSA money is cool and all, I'd urge you not to use it if you don't have too.



For an HSA, money goes in pre-tax, and it comes out tax free, and you don't pay for FICA. That's far better than any 401K or IRA. Infact, it like the the tax benefits of an 401K and Roth IRA, plus more!

If you're not contributing the maximum every year, then you're making a big mistake.

My strategy is to put that money in, invest it in stock index funds and let it grow. (HSA Bank will let you use TD Ameritrade to invest the funds).



I pay cash for all medical expenses, and I keep the receipts. Same for my wife, who's covered by her own traditional health insurance plan.

Later (like in retirement), I will reimburse myself for all of those expenses I paid for when I had an HSA. Basically, just cashing out all those gains tax free growth, on money invested without taxes. I expect I'll get audited, which is why I have all those receipts from years and years.

Even if you don't keep receipts for reimbursement, you'll probably have a lot of medical expenses in old age that you can use this money on.


Some key facts:
1. You can pay for any family member's expenses even if you have a self-plan.
2. You can make contributions for 2019 up till April 15th.
3. If you have money pulled from your paycheck then you can eliminate FICA tax on it.
4. Qualified expenses include dental, eye, prescriptions, OTC medical supplies, doctor visits, CPAP...
5. Gym memberships, beauty supplies, and saltines and chicken soup do not qualify.
6. Unlike an FSA, HSA monies don't need to spent in the year, and can accrue and be invested.
7. HSA monies can be withdrawn after age 65 for any use, but you'll pay income tax on it (but no 20% penalty).


An article that describes all this in more detail:
https://www.investopedia.com/articles/personal-finance/091615/how-use-your-hsa-retirement.asp


Full disclosure: I am certified by the IRS to handle 1040's with HSA's on a volunteer basis; and I use HSA Bank.