Can I Use My Current HSA to Pay Last Year Medical Bills?

Having a Health Savings Account (HSA) can provide you with a tax-advantaged way to save for current and future medical expenses. But can you use your current HSA to pay last year's medical bills? Let's find out.

Generally, you can use funds from your HSA to pay for qualified medical expenses, which can include expenses from previous years. However, there are a few things to consider:

• Make sure the medical expenses you are paying for are qualified expenses according to the IRS guidelines.
• You can only use funds that were in your HSA at the time the expenses were incurred.
• Keep documentation of the expenses you are paying for to prove they are qualified medical expenses.
• Check with your HSA provider to ensure there are no restrictions on using previous year funds.

Using your HSA to pay for last year's medical bills can be a great way to catch up on expenses while still taking advantage of the tax benefits of your HSA.

Yes, you can definitely use your HSA to cover last year's medical bills, providing the costs meet the IRS's criteria for qualified medical expenses, which is beneficial in managing your overall healthcare costs.