Can I Use 2019 HSA Account to Pay for 2018 Medical Expenses?

Many people wonder if they can use their 2019 HSA (Health Savings Account) funds to pay for medical expenses incurred in 2018. The answer to this question is not straightforward, but we will break it down for you.

Firstly, HSA funds can only be used for qualified medical expenses as outlined by the IRS. Here are some key points to consider:

• Generally, HSA funds can only be used for expenses incurred after the HSA was established.
• However, if you incurred medical expenses in 2018 but did not open an HSA until 2019, you might still be able to use your 2019 HSA funds to reimburse those 2018 expenses.
• To do this, you need to keep thorough records and receipts of the 2018 medical expenses.

Overall, using 2019 HSA funds for 2018 medical expenses can be a bit tricky, but it is possible in certain circumstances. It is always recommended to consult with a tax professional or financial advisor to guide you through the process.

It’s a common question: can I use my 2019 HSA funds to cover medical bills from 2018? While the IRS has specific guidelines, let's simplify this for you.

Generally, HSA funds are strictly for qualified medical expenses incurred after the account was opened. However, there’s a silver lining!

If you had medical expenses in 2018 and opened your HSA in 2019, you may still be able to reimburse yourself with your HSA funds for those earlier expenses.

Keeping detailed records and receipts is essential when navigating this process, and consulting with a financial advisor is always a smart move.