Can I Get Reimbursed for Over the Counter Meds on HSA?

Health Savings Accounts (HSAs) are a valuable tool for individuals to save and pay for healthcare expenses. One common question that arises is whether over-the-counter medications can be reimbursed through an HSA.

Traditionally, over-the-counter medications were not eligible for reimbursement through an HSA without a prescription. However, recent changes under the CARES Act have now made it possible to use HSA funds for over-the-counter medications without a prescription.

Here are some key points to consider regarding reimbursement for over-the-counter meds on an HSA:

• Under the CARES Act, over-the-counter medications, along with menstrual care products, are now considered eligible healthcare expenses for HSA reimbursement.
• It's essential to keep receipts and documentation of these purchases for your records in case of an IRS audit.
• Some items, such as dietary supplements, vitamins, and other general health products, may still not be eligible for HSA reimbursement.
• Check with your HSA provider or benefits administrator to ensure they support reimbursement for over-the-counter medications.

Health Savings Accounts (HSAs) are an incredible resource for saving money on healthcare costs, but many people wonder if they can get reimbursed for over-the-counter medications. The good news is that recent updates have made this a possibility!

Thanks to the CARES Act, over-the-counter medications can now be reimbursed without the need for a prescription. This change opens up a world of options for those using their HSA funds.

Keep in mind that while many OTC medications are eligible, it's crucial to maintain all receipts and documentation for your records, as they may be necessary if you're ever audited by the IRS.

Additionally, be cautious with items like vitamins and dietary supplements. These may not be eligible for reimbursement, so always check the eligibility list provided by the IRS or your HSA administrator.

Before making a purchase, it’s wise to confirm with your HSA provider to ensure they accommodate reimbursements for over-the-counter medications, as policies can vary.