Can I Use HSA Account to Pay Expenses for Prior Year?

Many people wonder whether they can use their HSA account to pay expenses for the prior year. The answer to this question is both yes and no, depending on the situation.

Here's how it works:

• Expenses incurred after you opened your HSA are eligible for reimbursement, even if they are from a prior year.
• You can use your HSA funds to pay for qualified medical expenses from the past, as long as the expenses were incurred after you opened the HSA account.
• However, you cannot use your HSA to pay for expenses that were incurred before you opened the account.

It's essential to keep accurate records of your medical expenses and HSA contributions to ensure compliance with IRS regulations.

Many people are curious about whether their HSA account can be used to cover medical expenses from previous years. The short answer is yes, but with specific conditions to be aware of.