Can I Use My HSA to Pay for Items Bought in a Previous Year?

If you have a Health Savings Account (HSA), you may wonder whether you can use it to pay for items purchased in a previous year. The good news is that in most cases, you can indeed use your HSA funds to reimburse yourself for qualified medical expenses incurred in prior years.

When it comes to HSA reimbursements for past expenses, there are a few important things to keep in mind:

• Make sure the expenses were incurred after your HSA was established
• Retain documentation and receipts for all qualified medical expenses
• Reimburse yourself tax-free from your HSA for those expenses

Using your HSA to cover past medical expenses can provide added flexibility and financial relief. It's important to understand the rules and guidelines to ensure compliance with IRS regulations.

Do you have a Health Savings Account (HSA) and are you wondering if you can use it for items bought in previous years? The short answer is yes! Most importantly, you can reimburse yourself for qualified medical expenses that were incurred after your HSA was established.