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New Health insurance, Now HSA
Old 11-28-2012, 09:53 AM   #1
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Join Date: Aug 2009
Posts: 141
New Health insurance, Now HSA

Hello folks,

Need some insight from the experts.

I always had a EPO type of insurance from my employer. Now it has changed to HSA type and has a $4000 deductible for my family of 3. I am on this full-time job just 2 years now. Never looked into tax savings options.

I was wondering how best I could use this $4000 to deduct from my taxes. I use quite a lot of prescription meds for my chronic conditions. Without insurance, they cost about $500 for 3 month supply. I do not take much of OTC medications.

Any insight in this regard is welcome.

Many thanks in advance.

(P.S. - If you need any more information, please drop a line and will update)

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Old 11-28-2012, 10:41 AM   #2
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Join Date: Jan 2008
Location: Rocky Inlets
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You can take up to a $6450 above the line adjustment to income if you (and / or our employer) deposit that amount in a HSA account. You pay for the meds out of pocket and deduct as eligible medical expense the amount >10% of your income, or you can pay for it from the HSA funds.
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