Can I Use My HSA in Medical Bills from Last Year?

If you have a Health Savings Account (HSA), you may be wondering if you can use it for medical bills incurred last year. The short answer is yes, you can use your HSA funds to pay for qualified medical expenses from previous years. Here are some key points to keep in mind:

Using HSA for Past Medical Bills:

• You can use your HSA funds to pay for eligible medical expenses that were incurred after you opened your HSA account, even if they were from a previous year.
• It's important to keep all receipts and documentation to prove that the expenses were for qualified medical purposes.
• There is no time limit on when you can withdraw funds from your HSA to reimburse yourself for past medical expenses.

Other Important Information about HSA:

• HSAs are tax-advantaged accounts that can be used to save for current and future medical expenses.
• Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
• Unused funds in your HSA roll over from year to year, unlike Flexible Spending Accounts (FSAs) that have a
  

  If you've got a Health Savings Account (HSA) and you're sitting on some medical bills from last year, good news! You can still use those HSA funds for qualified expenses incurred after opening your account. Just remember to keep your receipts handy!