How is the money moved into an HSA Account on a pre-taxed basis?
The employer will set up pre-taxed payroll deductions and forward them to BMS LLC for deposit in the employee’s bank Account. The money will be available within approximately 3-5 business days from the payroll deduction date. If employer contributions are included as well, this will be provided to BMS LLC together as one contribution. What is a Qualified Medical Expense? Qualified medical expenses are defined by the IRS under the Section 213(d) code. Using funds from an HSA for non-qualified medical expenses can result in IRS penalties. For further information one can also visit the IRS website. http://www.irs.gov/publications/p502/index.html. BE CAUTIOUS! Click here for a list of Qualified Expenses to be used with your Health Savings Account. How do employees pay for qualified medical expenses out of an HSA? It is recommended that they use the HSA Debit Card to pay for all of their qualified medical expenses, whenever possible. You will find that most service providers accept Debit Ca
