A health savings account is a useful tool for saving money on medical expenses. With an HSA you can avoid paying federal income tax on the money you use for most of your medical expenses, including medical equipment like CPAP equipment and supplies. For example, if you spend $1,000 with an HSA and if your federal income tax rate is 20%, then you save $200 per year using an HSA. It's a no-brainer really, especially if you have predictable expenses each year.

According to the US Department of the Treasury, any individual who is covered by a high-deductible insurance plan may establish an HSA. The HSA program was created in 2003 to help individuals pay for qualified medical expenses by partially offsetting the cost of medical expenses with tax relief. The percentage of Americans with HSA accounts is still relatively low, but with insurance premiums skyrocketing and with individual insurance deductibles at an all-time high, I suspect the number of HSA accounts will be on the rise.

Once an HSA is established, it's really easy to use it. Generally, HSA account holders will have an HSA debit card to use for the purchase of medical equipment or medical services. Sometimes account holders will be given checks to use for making payments, and sometimes HSA account holders will simply have to file a claim for reimbursement with the HSA account after paying out of pocket in the normal way. Using the debit card is the easiest method of payment because you'll know in real-time whether a transaction was accepted or not. For example, if you use an HSA debit card on our website, you'll see that it works immediately. It works because our business is coded as a medical equipment supplier. If our business were designated as some other type of merchant entity - like a toy store, an electronics store, or a bike shop - your HSA debit card wouldn't work. The HSA is intended only for medical expenses.

If you're new to the HSA scene and want to learn more we recommend checking out the Department of the Treasury website. It includes important information including tax implications as well as details regarding qualifications and qualified medical expenses.

My family uses an HSA because we have a relatively high-deductible insurance policy. We figure that as long as we're going to incur medical expenses, we might as well try to minimize (or to say it more accurately, "to offset") those expenses with a tax advantage.

If you use an HSA, feel free to use your HSA debit card on our website when ordering online, or when you call in an order over the phone. It'll work just fine. If you have an HSA but don't have a debit card, just follow your HSA administrator's instructions for submitting claims for reimbursement. And you can always check with your HSA administrator to see if a debit card is available to you.

Contact us with any questions or comments you might have about health savings accounts. We're happy to help, and we're also happy to learn!

Andrew Senske

CPAP-Supply.com is a leading online retailer of CPAP equipment. Located in Spokane, WA CPAP-Supply.com has been serving thousands of customers around the world since 2001. Founded on a belief that patients are their own best primary care providers, CPAP-Supply.com understands the importance of educating patients and customers on both the effects of and treatment for obstructive sleep apnea. For more information visit CPAP-Supply.com or call toll free 1-888-955-2727.

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