Can employees pay their long term care insurance premiums through a Health Savings Account (HSA)?
An HSA (health savings account) is an account established to pay for qualified medical expenses, including qualified long term care costs and long term care insurance premiums. Contributions and withdrawals are tax-free for qualified expenses. To open up an HSA you must be covered under a High Deductible Health Plan, and meet certain other requirements. The Guide to Federal Benefits contains more information on HSAs and High Deductible Health Plans. For more information on HSAs, please visit www.opm.gov/insure/health/hsa.
Related Questions
- I read that I can pay Long Term Care (LTC) insurance premiums from my HSA account. Does the amount I use for LTC premium count towards my catastrophic limit?
- Can employees pay their long term care insurance premiums through a Health Savings Account (HSA)?
- Can employees pay the long term care insurance premiums on a pre-tax basis (premium conversion)?
