HSA - Non-Deductible Medical Expenses

The following list of items may not be included in figuring your medical expense deduction. (This list is taken from IRS Publication 502 and is meant as a general reference only.)

• Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby
• Controlled Substances
• Cosmetic Surgery
• Dancing Lessons
• Diaper Service
• Electrolysis or Hair Removal
• Flexible Spending Account
• Funeral Expenses
• Future Medical Care
• Hair Transplant
• Health Club Dues
• Health Coverage Tax Credit
• Health Savings Accounts
• Household Help
• Illegal Operations and Treatments
• Insurance Premiums
• Maternity Clothes
• Medical Savings Account (MSA)
• Medicines and Drugs From Other Countries
• Nonprescription Drugs and Medicines
• Nutritional Supplements
• Personal Use Items
• Swimming Lessons
• Teeth Whitening
• Veterinary Fees
• Weight-Loss Program
• Health insurance may not be purchased with HSA Funds. There are three exceptions. HSA funds can be used to pay for:

1. A health plan during any period of continuation coverage required under any federal law,
2. A qualified long-term care insurance contract,
3. A health plan during a period in which the individual is receiving unemployment compensation under any federal or state law.

The above information is provided with the understanding that Bank of Geneva is not engaged in rendering tax advice.  For more detailed information, please refer to IRS Publication 502 titled “Medical and Dental Expenses”, Catalog Number 15002Q.  Publications can be ordered from the IRS by calling 1-800-TAX-FORM (1-800-829-3676), or viewed, printed or downloaded in PDF format (Please refer to http://www.irs.gov/pub/irs-pdf/p502.pdf).  If tax advice is required, seek the services of a competent professional.

• Deposit accounts at the Bank of Geneva are insured by the Federal Deposit Insurance Corporation (FDIC).

• Request a Truth-in-Savings disclosure for further details on this account.