Payments from the account would be limited to qualified medical expenses under Section 213(D) of the Internal Revenue Code, plus health insurance premium payments.
What does QME stand for?
QME stands for Qualified Medical Expenses
This definition appears somewhat frequently and is found in the following Acronym Finder categories:
- Military and Government
- Business, finance, etc.
See other definitions of QME
We have 17 other meanings of QME in our Acronym Attic
- Quality Management of the Designee Workforce (US FAA)
- Q Media Events
- QDI ManageEasy
- quadrado médio do erro
- Quadrature Motor Encoder
- Quake Model Editing (gaming)
- Qualification of Active Mechanical Equipment
- Qualified Medical Evaluator
- Qualified Medical Examiner
- Qualified Medical Exams
- Qualifying Mid-Year Events (benefits)
- Qualitative Military Edge
- Quality Management and Education
- Quality Management and Enhancement
- Quality Management Excellence
- Quality Manufacturing Engineers (Sydney, New South Wales, Australia)
- Quality Measurement Experiment
- Quality Medical Evaluations, Inc.
- Quality Mobility Equipment
- Quality Mold and Engineering
Samples in periodicals archive:
With the Entrust Self-Directed HSA, account holders can: -- Fund the account with pre-tax dollars, -- Take distributions for qualified medical expenses on a tax-exempt basis -- Direct the funds into investments that the account holder chooses and -- Generate investment growth that is tax-deferred "This product is a natural fit for us," said Bromma.
Withdrawals from an HSA to pay for qualified medical expenses are tax-free including earnings, regardless of age.
HSAs are tax-exempt trust or custodial accounts established exclusively to pay the qualified medical expenses of an eligible individual participating in a high-deductible health plan (HDHP) whose coverage provisions satisfy related IRS requirements.
Employers are allowed to offer HSAs through a cafeteria plan, with investment earnings accruing tax-free and distributions being made tax-free as long as they are made for qualified medical expenses.
While the new health care reform law changed a few aspects of HSAs, their triple-tax advantages remain - money deposited into an HSA is still tax deductible, interest on these savings still grows tax deferred and funds withdrawn for qualified medical expenses are still tax-free.
HSAs and HRAs Health Savings Accounts * Established by employee or employer * Used in conjunction with a high-deductible health plan * Funded by employee or employer, who can contribute as much as a combined $2,600 for individuals and $5,150 for families annually * Contributions are pre-tax dollars * Households control accounts; funds can be used during retirement and are portable Health Reimbursement Accounts * Established by employer * Funded by employer to reimburse employee for qualified medical expenses * Companies of all sizes qualify to offer an HRA * Portability is at the discretion of employer Source: U.
Employers are not responsible for determining whether HSAs are used for qualified medical expenses or for investing or managing HSA contributions.