Health Insurance for Your Small Business

Once you’ve decided to offer health insurance to the employees of your small business, it’s important to know which procedures and expenses are considered HSA eligible.  That is, which procedures your employees can use their pre-tax HSA account dollars to pay for.  Some of the medical expenses that are considered HSA eligible are listed below.

Small Business HSA Eligible Expenses

  * Abdominal supports
  * Abortion
  * Treatment for alcoholism
  * Supports for arches
  * Obstetrician
  * Metabolism tests
  * Costs associated with operating room
  * Optician services
  * Outpatient care lodging
  * Neurologist
  * Legal expenses
  * Lab tests
  * Ambulance fees
  * Acupuncture
  * Artificial limbs
  * Blood transfusions
  * Braces
  * Cardiographs
  * Blood tests
  * Orthopedic shoes
  * Oral surgery
  * Nursing
  * Osteopath
  * Prescription birth control pills
  * Optometrist
  * Removal of lead based paint
  * Transplantation of organs
  * Spinal fluid test
  * Radium therapy
  * Handicapped schools
  * Registered nurse
  * Psychologist
  * Splints
  * Prescription drugs
  * Diathermy
  * Elastic hose
  * Eyeglasses
  * Therapy for drug addiction
  * Diagnostic fees
  * Dentures
  * Dermatologist
  * Crutches
  * Contact lenses
  * Christian science practitioner
  * Sterilization
  * Fluoridation unit
  * Surgeon
  * Therapy equipment
  * UV ray treatment
  * Guide dog
  * Treatment for gums
  * Health care transportation expenses
  * X rays
  * Insulin treatments
  * Wheelchair
  * Hydrotherapy
  * Hearing aids

These are only some of the HSA eligible expenses that are covered; others can be found by visiting the IRS website. In order to qualify for an HSA , the first thing your employees must do is select a qualified, high deductible health plan through your company coverage.  For further explanation of high deductible health plans, please click here.

Next, when their HSA policy is active, you can then set up the actual Health Savings Account at any qualified financial institution. This is much like opening an IRA. You or your employee (or both) can then contribute money to the savings account. Although there is no minimum contribution required, there is an annual HSA maximum. If you or your employee combined contribute more than the maximum allowable each year, they will incur a tax penalty.

How Does Your Employee use the HSA Account for Expenses?

When your employee has HSA eligible expenses, they simply use the HSA debit card or HSA check issued by the bank. As long as the expenses are qualified, they are considered tax-free.

To obtain quotes for HSA eligible health insurance plans for your small business, start by requesting a quote in the box at the top of this page.