Other Florida Medical Expenses Issues
A commonly asked question in the area of qualified expenses for Florida Health Savings Accounts is whether health insurance premiums qualify as a medical expense under the IRS definitions. As a general rule, the answer is no. However, there are some exceptions.
Cases where health insurance premiums do count as qualified medical expenses include premiums for long-term care insurance, COBRA health care continuation insurance premiums, premiums for health care coverage received while also getting unemployment benefits, and certain medicare premiums for individuals over the age of 65. Because the class of premiums that count as qualified expenses is limited, you should be sure to check with a licensed insurance professional before using funds from your account to pay any premiums.
As for claim adjudication and processing, there is no single body that approves claims and releases funds. Instead, you will be issued a debit card and check book so you can take out funds to pay for your medical expenses. You will be responsible for paying for medical expenses when you are billed by your health care provider. You should make sure claims get processed with your high-deductible health plan to make sure that expenses you pay for from your account are also applied to your deductible.
You should also make sure to keep good records relating to what you spend your HSA funds to pay for. This is because it will be your responsibility to prove what the funds were withdrawn for in the event of an audit by the IRS. This simply allows you to keep the flexibility of being able to spend your own money without prior authorization or approval from any organization, while still retaining the possibility of assuring that your account is actually used for medical expenses.