Can You Buy Over the Counter Meds with HSA? - All You Need to Know

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One common question that many HSA users have is whether they can buy over the counter (OTC) meds with their HSA funds. The short answer is yes, you can purchase OTC medications with your HSA.

Here are some key points to know:

• OTC meds are considered eligible expenses by the IRS for HSA funds.
• To use your HSA for OTC meds, keep the receipts for your purchases for record-keeping purposes.
• Check with your HSA provider or review the list of eligible expenses provided by the IRS to ensure the OTC meds you plan to buy are covered.
• Some OTC items, like vitamins and supplements, may not be eligible for HSA reimbursement unless they are prescribed by a doctor to treat a specific medical condition.
• Using your HSA for OTC meds is a convenient way to manage minor health issues without having to visit a doctor for a prescription.

Overall, using your HSA for OTC meds is a smart way to utilize your funds for everyday healthcare needs.

Yes, you can use your HSA to purchase over-the-counter (OTC) medications, which are considered qualified medical expenses under IRS guidelines. This means you can grab those cough drops or pain relievers without worrying about breaking the bank!