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Fidelity Health Solutions Thought Leadership
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How an HSA can help people with disabilities
Calculate Loan Interest
When you borrow money, the lender will ask you to repay those funds over time. But banks expect to be paid something in exchange for their services and the risk they take when lending you money. That means you won’t just pay back the money you borrowed. You’ll pay back the loan plus an additional sum, known as interest.
Interest is one of the primary ways that lenders, banks and credit card issuers earn a profit. Here’s a look at how interest works and how you can calculate the cost when you borrow money.
Among the 39 patients without pets,
The tax advantages of HSAs
Some qualified medical expenses are especially relevant for people with special needs
HEALTH SOLUTIONS THOUGHT LEADERSHIP
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You can use money from your HSA to make capital improvements to your home to accommodate a disability — for instance, building a ramp or widening doorways for you or a dependent who is confined to a wheelchair, installing hand rails, or upgrading smoke alarms if you have a hearing impairment. The amount of the medical expense that you can use your HSA funds for depends on whether the improvement adds value to your home.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
People with disabilities face an array of everyday challenges, not the least of which is the high cost of health care. A health savings account (HSA) can help defray these costs in some surprising ways.
An HSA allows you to set aside money for qualified medical expenses pre-tax, which means your money can go farther now because you’re not paying tax on it. It can also grow tax-free if you don’t spend it today.
A health savings account is a tax-advantaged account individuals can establish to pay for qualified medical expenses. You can open an HSA if you are enrolled in an HSA-eligible health plan, are not enrolled in Medicare, have no other health coverage, and can’t beclaimed as a dependent on someone else’stax return.
An HSA may be able to provide you with the following tax benefits:
PRE-TAX
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Capital expenses
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The cost of buying, operating and maintaining a wheelchair, plus the cost of accessories such as a seat cushion.
Getting around
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Transportation can be challenging enough for people with disabilities. It also can be more expensive, but some of those costs are reimbursable from your HSA, including:
Some expenses for a specially equipped car, including the cost of adding hand controls and other equipment installed for the use of a person with disabilities. If you’re buying a new car that comes specially designed or equipped, you may reimburse yourself for the difference between the cost of a regular car and the specially equipped car.
Transportation to and from medical appointments, including ambulance services.
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Animals provide an impressive array of
services for the disabled. The cost of
acquiring, training, and maintaining
the animal’s health can be
covered by an HSA, as long as
the animal is primarily
for medical care.
In addition to
adoption costs,
reimbursable expenses include
food, grooming, and veterinary
care to help you keep the animal
healthy and fit to perform its job.
Service animals
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
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If you need help with tasks such as giving medication to your loved one, changing dressings, or bathing and grooming, those nursing costs can be reimbursable. These services don’t have to be performed by a nurse, but if your home health aide performs other household services, like cleaning and laundry, this will decrease the amount that is a qualified medical expense.
Nursing services
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
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Amazing advancements in care and treatment are happening all the time, and conferences can be a good place to learn about the latest breakthroughs. Expenses related to attending such gatherings can be reimbursable if the conference primarily for and necessary to address a chronic condition or disability of you, your spouse, or dependent. (This does not include the cost of meals and lodging while attending a conference.)
Medical conference expenses
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
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Tuition payments for a special school for a child with severe learning disabilities.
Tutoring fees if the tutor is trained and qualified to work with students who have severe learning disabilities.
Other schools that focus on treating or managing a disability, including teaching Braille, sign language, lip-reading, or remedial language training for a condition caused by a birth defect.
There are several ways in which education can qualify as a reimbursable expense:
Educational costs
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
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Saving for the future
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Keep an eye out for a plan that you can pair with a health savings account (HSA). An HSA can help you save for qualified health care expenses and can act as a sort of emergency savings account if you have a health crisis. More on that in a moment.
Health care costs are only going to grow in the years ahead. If you are in a position to save some of the money in your HSA, you can invest it for the long-term. Down the line, when you use that money for qualified medical expenses, you can withdraw it tax-free.
Here are seven ways an HSA can help people with disabilities:
You can use money from an HSA to cover expenses ranging from doctor visits and hospital bills to therapy and medications. This includes experimental drugs, new technologies and other expenses your insurance may not cover. But a number of qualified medical expenses are especially valuable for a person with a disability, or the parent of a disabled child.
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2021 HSA CONTRIBUTION LIMITS
CATCH-UP CONTRIBUTION
$1,000
(age 55+)
Individual coverage
$3,600
FAMILY coverage
$7,200
Contributions made through payroll deductions are pre-tax, including FICA (Social Security and Medicare) taxes.
When you use the money to pay for qualified medical expenses, withdrawals also are tax-free.
If you invest or earn interest on the funds, you aren’t taxed on the earnings.
For a complete list of qualified medical expenses, please see IRS Publication 502.
Capital expenses
Getting
around
service animals
NURSING SERVICES
Saving for the future
Educational costs
Medical conference expenses
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