Can You Use an HSA Account to Buy Tires?

Health Savings Accounts (HSAs) are a great way to save for medical expenses, but can you use them to buy tires?

Contrary to what many people believe, HSA funds can only be used for qualified medical expenses as determined by the IRS. These include doctor visits, prescription medications, and even some over-the-counter items, but unfortunately, tires do not fall under this category.

While you can't use your HSA to purchase tires, there are other benefits to consider:

• Triple tax savings - Contributions are tax-deductible, earnings grow tax-free, and qualified withdrawals are tax-free.
• Flexible spending - Funds roll over from year to year, so you can save for future medical expenses.
• Investment options - Some HSAs allow you to invest your balance for potential growth.

It's important to familiarize yourself with what expenses are eligible for HSA funds to make the most of your account. If you have any doubts about a specific purchase, it's best to consult with a financial advisor or check the IRS guidelines.

While it might be tempting to think you could use your Health Savings Account (HSA) to buy tires, it's essential to understand that HSAs are strictly for qualified medical expenses as defined by the IRS.