What is a Qualified medical expense?
A qualified medical expense is an IRS-approved healthcare cost that can be paid tax-free from a Health savings account or deducted as a medical expense on tax returns. These expenses include doctor visits, prescription medications, dental care, vision care, medical equipment, and preventive services. The IRS defines qualified expenses in Publication 502, covering treatments, procedures, and supplies that diagnose, cure, mitigate, treat, or prevent disease. HSA holders can withdraw funds tax-free for qualified expenses at any time, making these accounts powerful tools for managing healthcare costs while building tax-advantaged wealth.
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