Can HSA Be Used for Other Items? Understanding the Versatility of Health Savings Accounts

Health Savings Accounts (HSAs) are a valuable financial tool that can be used for a wide range of healthcare expenses. However, many people may not be aware that HSAs can also be utilized for other items beyond medical costs.

While the primary purpose of an HSA is to help individuals save for qualified medical expenses, there are several other ways in which you can leverage your HSA funds:

• Over-the-counter medications
• Dental and vision care
• Long-term care insurance premiums
• Qualified medical expenses for dependents
• Health insurance premiums for COBRA, retiree health coverage, or Medicare (excluding Medigap)
• Alternative medicine treatments like acupuncture or chiropractic care

These examples illustrate the flexibility and versatility of HSAs, making them a powerful tool for managing both current healthcare needs and future expenses.

Did you know that Health Savings Accounts (HSAs) can be your go-to resource for more than just medical expenses?

While their primary function is to help you set aside money for qualifying healthcare costs, HSAs can also cover various other expenses that promote your overall well-being. For instance, you can use HSA funds for over-the-counter medications, such as pain relievers and allergy medicine, without needing a prescription!