Can I Pay Last Year's Bills with HSA? - Everything You Need to Know

One common question that many people have regarding their Health Savings Account (HSA) is whether they can use it to pay for last year's medical bills. The good news is that in most cases, you can pay for eligible medical expenses incurred in the previous year using your HSA funds. However, there are certain rules and guidelines to keep in mind.

Here are some key points to consider:

• You can use your HSA to pay for qualified medical expenses from any year, as long as the expenses were incurred after you opened your HSA account.
• It's important to keep all receipts and documentation for the expenses you plan to pay with your HSA, including those from previous years.
• If you incurred the medical expenses in the previous year but did not have an HSA at that time, you cannot reimburse yourself using your HSA funds.
• Make sure to check the IRS guidelines for a list of eligible medical expenses that can be paid for using your HSA funds.
• Remember that using your HSA for non-qualified expenses may result in penalties and taxes.

Ultimately, while you can typically use your HSA to pay for last year's medical bills, it's essential to follow the rules and regulations set forth by the IRS to avoid any potential issues.

Have you ever wondered if you could use your Health Savings Account (HSA) to pay for those pesky medical bills from last year? Luckily, the answer is yes! You can use your HSA funds to cover qualified medical expenses incurred in the previous year, as long as they occurred after you opened your account.