Can I Use Fidelity HSA for Over the Counter Pharmacy Items?

When it comes to managing your healthcare expenses, having a Health Savings Account (HSA) can be a valuable tool. Fidelity is one of the many financial institutions that offer HSAs to individuals looking to save for medical expenses tax-free. But can you use your Fidelity HSA for over-the-counter pharmacy items?

It's important to note that the IRS sets the rules for what is considered a qualified medical expense that can be paid for using your HSA funds. Traditionally, over-the-counter medications and items were not eligible without a prescription. However, under certain circumstances, you may be able to use your Fidelity HSA for over-the-counter pharmacy items:

• If you have a prescription from a doctor for the over-the-counter item
• If the over-the-counter item is specifically for the treatment of a medical condition
• If the over-the-counter item is not a general health or wellness product

Before using your Fidelity HSA for over-the-counter pharmacy items, it's always best to consult with a tax professional or the HSA provider to ensure compliance with IRS regulations.

When managing healthcare costs, a Health Savings Account (HSA) is a practical financial tool. Fidelity offers HSAs to help individuals save for medical expenses tax-free, but what about using your HSA for over-the-counter pharmacy items? The good news is that under IRS guidelines, there are specific situations where you can indeed use your Fidelity HSA for these items.