Can I Use My HSA for Anything? Understanding the Basics of Health Savings Accounts

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs, but many people are unsure about what they can actually use their HSA funds for.

So, can you use your HSA for anything? The short answer is no, but there are a wide variety of eligible expenses that you can use your HSA funds for.

Here are some common expenses that you can use your HSA for:

• Doctor's visits and medical consultations
• Prescription medications
• Dental care, including cleanings, fillings, and braces
• Eye care, such as eye exams, glasses, and contact lenses
• Mental health services, including therapy and counseling

While these are some of the most common expenses that you can use your HSA for, there are many other eligible expenses as well. It's important to keep track of your expenses and save your receipts in case you ever need to provide documentation to the IRS.

Health Savings Accounts (HSAs) are an excellent way to save for medical expenses and reduce out-of-pocket costs, but many individuals are left scratching their heads about what expenses are truly eligible. Can you really use your HSA for anything? Unfortunately, the answer is no, but there are a plethora of approved expenses at your disposal.

Some of the most frequently covered uses for HSA funds include:

• Routine visits to your doctor or medical specialist
• Necessary prescription drugs
• Comprehensive dental treatments like cleanings, fillings, and even braces
• Eye exams, contact lenses, and prescription glasses for vision correction
• Essential mental health services, including counseling and therapy sessions

Remember, while this list is not exhaustive, it highlights some key areas where you can use your HSA. It's critical to maintain detailed records of your expenditures and retain receipts for any potential IRS inquiries.