Business Q&A

Question:
I've got an HSA through my employer. My wife and daughter have non HSA health insurance through my wife's employer. My question is this. Am I allowed to purchase items (ex. birth control for my wife, perscriptions for my daughter) for use by my wife and daughter using my HSA funds, or am I only allowed to use my HSA funds for items that I will use.

Answer:
As long as you are claiming the kids as dependents there is no problem using HSA funds for your kids medical expenses. Make sure you keep track of the withdrawals and save the receipts just in case Uncle Sam wants to see them. The easiest thing to do is use your HSA debit card. Don't forget you can use those funds for other things like over the counter meds, dentists, orthodontist. The IRS list of “qualified medical expenses” is pretty long.

You also mentioned that the kids are on your wife's group sponsored plan. Many employers don't contribute to the family members premiums, and group insurance rates for kids can be pretty high. You might want to look into putting your kids on an individual plan.

I do this frequently with my clients in Florida and the savings can be as much as $200-$300 per month.

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