Possible or Not? Using an HSA on a Bicycle.
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Possible or Not? Using an HSA on a Bicycle.
Is it possible to buy a bicycling using your Health Savings Account? And claim it for health use? I understand you can buy anything with you HSA but if the IRS were to do an audit you get fined heavily. But say you could get a doctor to sign off on some medical condition and then would it be possible to buy a bike without any repercussions?
Thanks, Steven
Thanks, Steven
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In a quick search, I found this: https://www.usu.edu/hr/files/uploads/...alexpenses.pdf
Based on my uninformed interpretation, I would say, probably not.
I think it is interesting that special equipment to allow hearing impaired people to effectively watch tv is allowable, but things like swimming pools, health club memberships, weight loss programs, and stop smoking programs are not...
Based on my uninformed interpretation, I would say, probably not.
I think it is interesting that special equipment to allow hearing impaired people to effectively watch tv is allowable, but things like swimming pools, health club memberships, weight loss programs, and stop smoking programs are not...
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People do not seem to realize that their opinion of the world is also a confession of character.
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Slow Ride Cyclists of NEPA
People do not seem to realize that their opinion of the world is also a confession of character.
- Ralph Waldo Emerson
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I found more literature as well, but nothing spacific. https://www.irs.gov/pub/irs-pdf/p502.pdf
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No you cannot do that. I administer those plans. however if you have enough previous medical, dental, or vision expenses to cover the cost then you can withdrawal the funds and use them for the bike. But the expenses had to be incurred after the original effective date of the HSA.
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I found more literature as well, but nothing spacific. https://www.irs.gov/pub/irs-pdf/p502.pdf
What are Medical Expenses?
Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. These expenses include payments for legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners. They include the costs of equipment, supplies, and diagnostic devices needed for these purposes.
Medical care expenses must be primary to alleviate or prevent a physical or mental defect or illness. They do not include expenses that are merely beneficial to general health, such as vitamins or a vacation.
Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. These expenses include payments for legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners. They include the costs of equipment, supplies, and diagnostic devices needed for these purposes.
Medical care expenses must be primary to alleviate or prevent a physical or mental defect or illness. They do not include expenses that are merely beneficial to general health, such as vitamins or a vacation.
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Is it possible to buy a bicycling using your Health Savings Account? And claim it for health use? I understand you can buy anything with you HSA but if the IRS were to do an audit you get fined heavily. But say you could get a doctor to sign off on some medical condition and then would it be possible to buy a bike without any repercussions?
Thanks, Steven
Thanks, Steven
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My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.
Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.
Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
#8
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This question is along the same lines as the guy who wanted to claim his recumbent trike was a "mobility device" just like an Amigo or a wheelchair, and be allowed into grocery stores, dept stores, theaters, etc. (In addition to having his health insurance pay for it.)
They're both the same, right?
or ???
They're both the same, right?
or ???
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No you cannot do that. I administer those plans. however if you have enough previous medical, dental, or vision expenses to cover the cost then you can withdrawal the funds and use them for the bike. But the expenses had to be incurred after the original effective date of the HSA.
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