HSA Holders – Some Treatments for Chronic Conditions now Qualify as Preventive Care

On July 17, 2019, the U.S. Department of the Treasury announced an expansion of preventative care benefits for those suffering from chronic conditions. Specifically, high deductible health plan holders (who may therefore hold health savings accounts (HSAs)) may now, at the provision of their insurance providers, enjoy preventative care benefits for the following treatments and conditions:

Preventative care... ...for those diagnosed with:
ACE inhibitors Congestive heart failure, diabetes, and/or coronary artery disease
Anti-resportive therapy Osteoperosis and/or osteopenia
Beta-blockers Congestive heart failure and/or coronary artery disease
Blood pressure monitor Hypertension
Inhaled corticosteroids
Peak flow meter
Insulin and other glucose lowering agents
Retinopathy screener
Hemoglobin A1c testing
INR testing Liver disease and/or bleeding disorders
LDL testing Heart disease
SSRIs Depression
Statins Heart disease and/or diabetes

Those covered by high deductible health plans may now have the chance to take advantage of these first dollar benefits. Consult with your insurance provider to confirm that you are indeed eligible for these benefits under your plan. If you are, instead of having to cover these scenarios with your HSA, they would fall under the umbrella of preventative care.

As you digest these developments, you may also take this opportunity to review the notable tax advantages available with a self-directed HSA:

  • HSA contributions may be deducted from your income for a near-term tax break.
  • HSA distributions can be taken without tax implications if they’re applied toward qualified medical expenses (QMEs). Withdrawals may be used to pay expenses directly, or they can reimburse you, the HSA holder, for a QME you’ve already covered out of pocket.
  • An HSA can invest in the same alternative investment options as a self-directed IRA, including real estate, private promissory notes, and precious metals.

For more information about investing with an HSA, please don’t hesitate to contact New Direction Trust Company at 877-742-1270 or info@ndtco.com.