Withdrawing Money from a Health Savings Account
Unlimited withdrawals may be made to pay for out-of-pocket qualified medical expenses as they occur. It's easy to make withdrawals from your account. At BMO Harris, you can use your BMO Harris Bank HSA Debit Master Card®, BMO Harris Online BankingSM or pay by check.
- Out-of-pocket, qualified medical expenses
- COBRA insurance premiums
- Once you are enrolled in Medicare, you may no longer contribute to your HSA. But you may continue to withdraw funds to pay for your Medicare out-of-pocket expenses.
For a list of items that are generally qualified medical expenses, review the Publication 502-List of Qualified Expenses available from the IRS.
BMO Harris Bank N.A. does not provide tax or legal advice. It is recommended that you seek the advice of your own tax and legal professional to ensure your compliance with applicable HSA and other laws.