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Can You Pay Insurance Premiums with HSA Funds?

By
Laura Adams, MBA,
September 20, 2010

Q. Can money in an HSA (Heath Savings Account) be used to pay premiums for health insurance or life insurance, for instance?

A. You can only use HSA funds to pay for the following types of insurance:

  • Long-term care insurance
  • Health care continuation coverage (such as COBRA)
  • Health care coverage while you receive unemployment compensation
  • Medicare and other health care coverage if you’re 65 or older.

You’ll find complete information about Heath Savings Accounts in IRS Publication 969.
 

Image courtesy of Shutterstock

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