Can I Use My HSA for Services from Last Year?

Are you wondering if you can use your HSA for services from last year? Let's dive into this common question and provide you with the clarity you need.

Health Savings Accounts (HSAs) are a valuable tool for saving money on healthcare expenses. One of the benefits of an HSA is that the funds deposited into the account roll over from year to year, unlike Flexible Spending Accounts (FSAs) that have a use-it-or-lose-it rule. So, can you use your HSA for services from last year? The answer is yes, with a few considerations.

Using Your HSA for Services from Last Year

Here's what you need to know:

• If you incurred eligible medical expenses in the previous year but did not use your HSA funds to pay for them at that time, you can still reimburse yourself from your HSA for those expenses. This is as long as the expenses were incurred after you opened your HSA.
• Keep all relevant documentation, such as receipts and invoices, for the medical expenses you wish to reimburse yourself for. This is important for record-keeping and tax purposes.
• There is no specific time limit for when you can use your HSA funds to reimburse yourself for eligible medical expenses. As long as the expenses were incurred after you opened your HSA, you can use your HSA funds to pay for them at any time.

Remember, it's essential to understand what expenses are considered eligible under an HSA. Consult IRS guidelines or speak with a financial advisor to ensure you are using your HSA funds appropriately.

So, whether you are looking to reimburse yourself for medical services from last year or planning for future healthcare expenses, your HSA can provide you with financial flexibility and peace of mind.

Wondering about using your HSA for medical services from last year? You're not alone, and we're here to help!

Health Savings Accounts (HSAs) are a fantastic way to save on your healthcare expenses since the funds in your HSA roll over year after year. This means you have the option to reimburse yourself for those medical bills from last year as long as they are eligible expenses incurred after the HSA was established.