Can I Make a Withdrawal From an HSA?

If you have a Health Savings Account (HSA), you may be wondering if you can make withdrawals from it. The answer is yes, but there are some rules and guidelines to keep in mind.

HSAs are designed to help individuals save for qualified medical expenses, tax-free. This means that you can withdraw money from your HSA to pay for medical expenses without incurring taxes. However, there are certain criteria you need to meet:

• You must use the funds for qualified medical expenses, such as doctor visits, prescription medications, and medical procedures.
• You can only withdraw money for expenses that occurred after you opened your HSA account.
• If you withdraw funds for non-qualified expenses before the age of 65, you may incur a tax penalty.

It's essential to track your medical expenses and keep receipts to prove that your withdrawals are for qualified purposes. Remember, the goal of an HSA is to help you save for healthcare costs, so using the funds for non-medical expenses defeats the purpose.

Yes, you can withdraw funds from your Health Savings Account (HSA) to cover medical expenses, but it's important to be aware of the specific rules governing these transactions.