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By Ryan Kennelly

August 10, 2016

Topics:

  • HSA Plans
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How does the ACA Affect Non-Medical HSA Withdrawals?

August 10, 2016

  • HSA Plans

Non-medical withdrawals from your health savings account are taxable income and subject to an additional 20% tax penalty. The bottom line: only withdraw your HSA funds for non qualified expenses if it’s your last resort.

Exception.
This tax penalty does not apply if the withdrawal is made after the date you:

  1. Attain age 65;
  2. Become totally and permanently disabled; or
  3. Die.

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