The Affordable Care Act has changed a few aspects of HSAs; however, 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money deposited into an HSA is still tax deductible, interest on these savings still grows tax deferred, and funds withdrawn for qualified medical expenses are still tax-free.
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:
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.
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
Qualified medical expenses (as defined by the IRS Section 213(d)), distributions for long-term care, health insurance for the unemployed and COBRA continuation all are eligible expenses for the HSA.
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.
The new tools enable accountholders to add details for qualified medical expenses paid from both the HSA as well as other sources, and easily reimburse themselves for expenses paid outside their HSA.
HSAs offer clients a convenient, tax-advantaged way to help pay for current and future qualified medical expenses.