Can I Pay My Long Term Care Costs and Insurance Premiums Through a Health Savings Account?

Can I Pay My Long Term Care Costs and Insurance Premiums Through a Health Savings Account?

Can I Pay My Long Term Care Costs and Insurance Premiums Through My Health Savings Account (HSA)?

Yes, an HSA (health savings account) is an account established to pay for qualified medical expenses, including qualified long term care costs and long term care insurance premiums. Contributions and withdrawals are tax-free for qualified expenses.

To open up an HSA you must be covered under a high deductible health plan, and meet certain other requirements.

The Guide to Federal Employees Health Benefits Plans (FEHB Guide) contains more information on HSAs and high deductible health plans.

For more information on HSAs, please visit www.opm.gov/insure/health/hsa.

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