Can I pay for my gym membership out of my HSA account?

Question:


Answers:
You can, but unfortunately it doesn't count as a qualifying expense. You will have to pay tax on the amount taken out, plus, if you are under age 65 (not 59 1/2), you will owe an additional tax of 10% on the amount. It will be just like using it for any other non-qualified purchase.

Sorry.

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I agree with Taxman, but here is the reasoning: the HSA is intended to help defray your deductible on a High Deductible Health Plan. As a general rule, if an expense is not covered by the insurance (ie counts toward deductible) it is not a qualified expense for which tax-free withdrwals can be made.

HSA's are new, and the law is still emerging, so don't take this as final forever. Courts have been known to make unpre-dictable decisions.

This article contents is post by this website user, HiAnswer.com doesn't promise its accuracy.

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