Can I Put Money into an HSA and Use it for Medical Expenses?

Yes, you can put money into a Health Savings Account (HSA) and use it to pay for qualified medical expenses. An HSA is a tax-advantaged account that allows individuals to save for medical expenses on a pre-tax basis.

Here's how it works:

• You can contribute to your HSA through payroll deductions or make one-time contributions.
• The money you contribute to your HSA is tax-deductible, which reduces your taxable income.
• You can use the funds in your HSA to pay for a wide range of medical expenses, including doctor visits, prescriptions, dental care, and more.
• There is no time limit for when you need to use the funds, so you can build up savings over time for future medical expenses.
• Any unused funds in your HSA roll over from year to year, unlike a Flexible Spending Account (FSA) where funds may be forfeited if not used by the end of the plan year.
• Once you turn 65, you can also use the funds in your HSA for non-medical expenses without incurring a penalty, though income tax will still be due.

Absolutely! You can contribute funds into your Health Savings Account (HSA) and utilize them for a range of qualified medical expenses. This tax-advantaged account helps you save not just for today’s healthcare needs but also future needs.