What Can You Buy on a Health Savings Account (HSA)?

Health Savings Accounts (HSAs) are powerful tools that allow individuals to save money for medical expenses while enjoying tax benefits. But what can you actually buy using funds from an HSA?

Here are some common eligible expenses that you can purchase using your HSA funds:

• Prescription medications
• Doctor's appointments
• Dental care
• Vision care, including glasses and contact lenses
• Medical supplies
• Hearing aids
• Mental health services

It's important to note that not all medical expenses are eligible for HSA funds. Some items that are typically not covered include cosmetic procedures, gym memberships, and over-the-counter medications (unless prescribed by a doctor).

When using your HSA funds to make a purchase, it's a good idea to keep detailed records and receipts to ensure that you can verify the expense if needed.

Health Savings Accounts (HSAs) are not just tools for saving; they are gateways to affordable healthcare. With tax-free contributions and withdrawals, HSAs provide a significant advantage when handling medical costs. But what exactly can you purchase with HSA funds?

Common eligible expenses include:

• Prescription medications to help manage chronic conditions
• Regular doctor's appointments for preventive check-ups
• Dental care, including cleanings, fillings, and orthodontics
• Vision care, which covers everything from comprehensive eye exams to glasses and contact lenses
• Essential medical supplies such as band-aids, thermometers, and first aid kits
• Hearing aids and related devices to improve your hearing
• Mental health services like therapy sessions or psychological evaluations

However, it's vital to be aware that there are some restrictions on what expenses can be paid for with HSA funds. Typically excluded expenses encompass cosmetic surgery, gym memberships aimed at fitness, and over-the-counter medications unless there is a doctor's prescription.

Always keep track of your receipts and records when using HSA funds to ensure that you can provide proof of eligible expenses if required.