Can I Use my 2019 HSA to Pay the Remaining Balance of my 2018 Surgery Bill?

It's common for individuals to have questions about using their Health Savings Account (HSA) funds to pay for medical expenses, especially when it involves past bills. So, can you use your 2019 HSA to cover the remaining balance of a surgery bill from 2018? Let's delve into this topic.

According to IRS rules, you can use your HSA funds to pay for qualified medical expenses incurred after you established the HSA. This means that you can't use your 2019 HSA funds to directly pay for medical expenses that occurred in 2018.

Here are some key points to consider:

• You can only use HSA funds to pay for medical expenses that occurred after you opened the HSA account.
• If the surgery bill from 2018 was already paid out of pocket, you may be able to reimburse yourself from your HSA in 2019 as long as the expense is considered qualified.
• Keep all relevant documentation and receipts to substantiate the medical expense for tax purposes.

It's essential to keep in mind that HSA funds rollover each year, so you can continue to use them for qualified medical expenses in the future. However, the expenses must occur after you established the HSA account.

While you may not be able to use your 2019 HSA funds directly to pay off your 2018 surgery bill, there are still ways to utilize your HSA for current and future medical expenses to save on taxes and healthcare costs.

Have you ever wondered if you can dip into your Health Savings Account (HSA) to settle a surgery bill from the previous year? It’s a common concern for many, but the IRS has specific guidelines that govern these transactions. To clarify, you cannot use funds from your 2019 HSA to pay for expenses that arose in 2018.