topic Is a long-term health care savings account the same as an HSA? in Deductions & credits

Is a long-term health care savings account the same as an HSA?

murphykathy320 — Thu, 06 Jun 2019 05:22:40 GMT

I have an HSA and have already entered that info with my Federal Taxes, but I'm now working on my State Taxes and there is a check box for "I have a long-term health care savings account"...do I (is that my HSA)? or is a long-term health care savings account something else?

No. They are not the same thing. An HSA (health savings a...

Belling — Thu, 06 Jun 2019 05:22:42 GMT

No. They are not the same thing. An HSA (health savings account) is an account established to pay for qualified medical expenses, including qualified long term care costs and long term care insurance premiums. Contributions and withdrawals are tax-free for qualified expenses.

While they are not the same thing, Long term health care insurance premiums are sometimes paid for with funds from an HSA, however.

Long term care insurance is an insurance product which pays for long term care services in many settings, such as at home, a nursing home, assisted living facility, and adult day care facility.Many people elect to buy long term care insurance so they will not need to deplete their savings should they need long term care services.

Long term care insurance and Health Savings Accounts are similar, in that they can help ensure that financial resources and support are in place when you need them.

It seems this question should be reworded then to say "Lo...

user03262011 — Thu, 06 Jun 2019 05:22:44 GMT

It seems this question should be reworded then to say "Long term care insurance" The way it reads now, it says "long term health care savings account". The "Savings account" language also made me wonder exactly what the other person asked if this was the same as my HSA that was already input in my Federal return. Thanks! I just wasn't sure if an "HSA" and "long term HSA" were the same or different.

The question is indeed about "Long term health care savin...

CA6 — Thu, 06 Jun 2019 05:22:45 GMT

The question is indeed about "Long term health care savings account". Turbotax asks about this while filling the state tax. So I am not sure why the representative above has answered the question for "Long term CARE INSURANCE". Please answer the original question.