Paying for qualified medical expenses

How do I Pay for Qualified Medical Expenses?

It is recommended that you use your HSA Debit MasterCard to pay for all of your qualified medical expenses, whenever possible. You will find that most of your service providers accept MasterCard. Transaction descriptions will show on your account statement. This will also make it easier to match up to your receipts.

What if my medical service provider does not accept MasterCard?

The BASIC HSA provides you with most of the features of any of any traditional Fifth Third checking accounts. This means that you can use our on-line billpayer, use an ATM, or write a check or make a withdrawal at one of Fifth Third’s banking centers to pay for qualified medical expenses.

Does my HSA have to have enough money before I can pay for a qualified medical expense?

Yes, this is a personal checking account in your name. So, the funds must be in your account before you can pay for an expense.

What if funds are not available in my HSA when I incur a qualified medical expense?

If you do not have enough money in your HSA to pay for a qualified medical expense you will need to pay for the expense by some other means. Once the money is in your HSA, you can withdraw the amount that you personally paid for the expense to reimburse yourself.

When I make a withdrawal out of my HSA to pay for a qualified medical expense do I have to pay taxes on it?

No, as long as you use your HSA only for qualified medical expenses, you should never have to pay taxes on the money.