Can I Use My HSA Funds?

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Qualified medical expenses you can cover

Yes, you can use your HSA (Health Savings Account) funds for a variety of qualified medical expenses. HSA funds offer you a tax-advantaged way to save and pay for healthcare costs for you and your eligible dependents.

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

• Doctor visits
• Prescriptions
• Dental care
• Vision care
• Medical tests and screenings
• Therapy or counseling services

Recordkeeping and IRS qualification guidance

It's important to note that you should keep receipts and documents to support the expenses you use your HSA funds for, in case of an IRS audit. While HSA funds can be very flexible, there are some expenses that may not qualify. Be sure to check the IRS guidelines or consult a tax professional if you have any questions about what is considered a qualified medical expense.

Keep in mind, it's crucial to maintain records of your HSA expenses, as these may be essential during an IRS audit. While HSAs offer flexibility, not every expense counts as qualified, so do yourself a favor by reviewing IRS guidelines or consulting a tax specialist for clarity.

Examples of essential services covered

Absolutely! Using your HSA (Health Savings Account) funds allows you to tackle a multitude of qualified medical expenses efficiently, offering you a tax-advantaged way to manage your health costs.

Your HSA funds can be deployed for essential services such as:

• Regular check-ups and doctor appointments
• Prescription medications that you need
• Preventive dental treatment, like cleanings and fillings
• Vision care, including eye exams and glasses
• Medical tests such as blood work or MRIs
• Therapeutic services like physical therapy or mental health counseling