Can I Purchase Over-the-Counter (OTC) Meds with My HSA?

One common question among HSA account holders is whether they can use their HSA funds to purchase over-the-counter (OTC) medications. The short answer is yes, you can use your HSA to buy OTC meds, but there are some guidelines and restrictions to keep in mind.

When it comes to purchasing OTC meds with your HSA, it's essential to remember the following:

• Only certain OTC medications are considered eligible expenses under IRS guidelines.
• Prescription is required for reimbursement - You may need a doctor's prescription for some OTC meds to be eligible for HSA reimbursement.
• Keep receipts and documentation - It's important to keep records of your OTC purchases and prescription to verify the expenses if needed.
• Know the eligible OTC expenses - Some common OTC items like pain relievers, cold medicines, and bandages are typically eligible.

By understanding the rules and guidelines surrounding OTC medication purchases with your HSA, you can make the most of your healthcare savings account.

Yes, indeed! If you're wondering whether your HSA can cover over-the-counter (OTC) medications, the answer is a resounding yes. However, it's crucial to navigate the rules effectively.