Can I Withdraw HSA Money Spent on Therapy in 2016 in 2017? - HSA Awareness Article

If you've used your HSA funds for therapy in 2016, you may be wondering if you can still withdraw that money in 2017. Let's delve into the details to understand how HSA withdrawals work.

Health Savings Accounts (HSAs) allow you to save pre-tax dollars for qualified medical expenses, including therapy. Here's what you need to know:

• Money spent on therapy in 2016 can be reimbursed in 2017.
• There is no time limit on when you can withdraw HSA funds for eligible expenses incurred in the past.
• Keep records of your therapy expenses in case of an IRS audit.

So, yes, you can withdraw HSA money spent on therapy in 2016 in 2017. Remember to keep accurate records and receipts to support your withdrawals.

If you’ve utilized your HSA funds for therapy expenses in 2016, the good news is that you can still withdraw that amount in 2017. This flexibility is one of the key benefits of Health Savings Accounts (HSAs).

HSAs allow you to save pre-tax income for medical needs, which includes expenses for mental health therapy. Here are some important points:

• You can claim reimbursements for therapy costs incurred in 2016 at any time, even into 2017.
• There are no restrictions on the time frame for withdrawing HSA funds for qualified expenses incurred in the past.
• It’s wise to maintain documentation of your therapy costs to provide proof in case of an audit by the IRS.

In summary, you're free to withdraw funds from your HSA to cover therapy expenses from 2016, even in 2017. Just make sure to keep your receipts organized to streamline the process.