Can I Use HSA to Pay for - Understanding what you can use your HSA for

If you have a Health Savings Account (HSA), you may wonder what expenses you can use it for. An HSA is a tax-advantaged savings account that allows you to save money for qualified medical expenses. Here's a breakdown of what you can use your HSA for:

Qualified medical expenses:

• Doctor visits and appointments
• Prescription medications
• Hospital and emergency room visits
• Dental care
• Vision care, including glasses and contact lenses

Additionally, you can use your HSA funds for:

• Medical equipment and supplies
• Insurance premiums while you are receiving unemployment benefits
• Long-term care services and insurance premiums
• COBRA continuation coverage
• Medicare and other health coverage in retirement

It's important to note that not all medical expenses are eligible for HSA funds. Non-qualified expenses may incur taxes and penalties, so it's crucial to understand what is covered. If you have any questions about a specific expense, you can always reach out to your HSA provider for clarification.

Your Health Savings Account (HSA) is more than just a savings account; it’s a financial tool that can help you cover a wide array of medical expenses. In addition to the standard doctor visits, prescription medications, and hospital fees, many people are surprised to learn that HSAs can also be used for preventive care services, allowing you to catch health issues early where they might be less costly to treat.