Can I Use My HSA to Pay 2017 Expenses from This Year?

Are you wondering whether you can use your Health Savings Account (HSA) to pay for 2017 expenses from this year? Let's dive into the details to help you understand how HSAs work and what expenses they cover.

An HSA is a tax-advantaged savings account that allows individuals with high-deductible health plans to save money for medical expenses. Contributions to an HSA are tax-deductible, and the funds can be used to pay for qualified medical expenses.

So, can you use your HSA to pay for 2017 expenses in the current year? The short answer is no. HSAs operate on a calendar year basis, meaning the funds in your HSA can only be used to pay for expenses incurred in the same calendar year in which the contributions were made.

Here are some key points to keep in mind about using your HSA:

• HSA funds rollover from year to year, so you won't lose any money if you don't use it all in one year.
• You can use your HSA to pay for a wide range of medical expenses, including doctor visits, prescription medications, and medical supplies.
• If you use your HSA funds for non-qualified expenses, you may have to pay taxes and penalties on the amount withdrawn.

While you can't use your HSA to pay for expenses from a previous year, you can continue to save and use the funds for future medical expenses. It's important to keep track of your expenses and maintain receipts to ensure you are using your HSA funds appropriately.

Many individuals contemplate utilizing their Health Savings Account (HSA) for past medical expenses, but it's essential to know that HSAs adhere strictly to the guidelines of the calendar year. Unfortunately, any medical expenses from prior years, such as those from 2017, cannot be reimbursed with funds from your current HSA contributions.