Can I Use My HSA to Pay 2017 Expenses? - Understanding HSA Guidelines

Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.

Rules for using HSA funds

Health Savings Accounts (HSAs) are a great tool for managing healthcare costs, but there are specific guidelines on how and when you can use the funds in your HSA. One common question that arises is whether you can use your HSA to pay for 2017 expenses.

When it comes to using your HSA funds, it's important to understand the rules and regulations to avoid any penalties or taxes. Here's what you need to know:

• HSAs are designed to help individuals save for current and future medical expenses.
• You can only use your HSA funds to pay for eligible medical expenses as defined by the IRS.
• Expenses must be incurred after you open your HSA account to be eligible for reimbursement.
• If you incurred medical expenses in 2017 but did not open your HSA until a later year, you cannot use your HSA funds to pay for those expenses.

Options if your HSA opened later

While you may not be able to use your HSA to pay for 2017 expenses if you opened your account later, there are still ways to take advantage of your HSA benefits:

• Use your HSA funds to pay for current medical expenses that meet the IRS guidelines.
• Keep track of your medical expenses each year and save your receipts for future reimbursement.
• Consider using other funds to pay for past expenses and save your HSA funds for future healthcare needs.

Why 2017 expenses may be ineligible

By understanding the rules around HSA expenditures and planning accordingly, you can make the most of your HSA benefits while staying in compliance with IRS regulations.

Many people wonder about the flexibility of Health Savings Accounts (HSAs) when it comes to paying for older medical expenses, such as those incurred in 2017. Unfortunately, if you opened your HSA after those expenses were incurred, you won’t be able to use the funds from your HSA to cover those costs.