Can I Use HSA Funds to Pay for Over-the-Counter Medication?

Yes, you can use your HSA (Health Savings Account) funds to pay for over-the-counter medications, as long as they are considered qualified medical expenses by the IRS. Over-the-counter medications can include items like pain relievers, cold medicine, allergy medicine, and more.

Using your HSA to cover these expenses offers you a tax-advantaged way to manage your healthcare costs and save money in the long run. However, it’s essential to keep in mind the following details:

• Confirm that the over-the-counter medication is eligible by checking the IRS guidelines.
• Save your receipts and documentation to demonstrate that the purchases were for qualified medical expenses.
• Some pharmacies may require a prescription for reimbursement, so it’s best to check with your specific HSA provider.

Absolutely! You can utilize your HSA (Health Savings Account) funds to cover the costs of over-the-counter medications, provided they meet the IRS criteria for qualified medical expenses. This includes a variety of items such as ibuprofen, cough syrup, and antihistamines.