Can You Use HSA in 2018 to Pay 2017 Medical Bills?

Many people wonder if they can use their Health Savings Account (HSA) in 2018 to pay for medical bills incurred in 2017. The answer to this question depends on certain factors and guidelines set by the IRS.

When it comes to using your HSA to pay for previous year's medical expenses, the key is to ensure that the expenses were incurred after you opened your HSA account. Here are some important points to consider:

• HSAs are designed to be used for qualified medical expenses incurred after the HSA was established.
• IRS rules state that you can only use HSA funds to pay for medical expenses that occurred after your HSA was established.
• As long as the medical expenses were incurred after your HSA was opened, you can use your HSA funds to pay for them, even if it is in the following year.

Therefore, if your HSA was already established in 2017, you can use it to pay for medical expenses incurred in that year. However, if your HSA was opened in 2018, you cannot use it to pay for medical bills from 2017.

Are you curious about whether you can use your Health Savings Account (HSA) in 2018 to cover medical bills from 2017? This is a common question, and the answer revolves around a few key guidelines set by the IRS.

For your HSA to be eligible for expenditures related to medical services from a previous year, certain conditions apply. Here’s what you need to bear in mind:

• HSAs are specifically intended for qualified medical expenses that arise after your account has been set up.
• According to IRS regulations, using HSA funds for expenses incurred prior to having your HSA account is not permitted.
• However, as long as the medical expenses took place after your HSA was established, you can utilize those funds—even if the payment is made in the subsequent year.

In summary, you can use your HSA to pay for medical expenses from 2017 if your account was opened that same year. If your HSA began in 2018, unfortunately, you’d have to cover 2017 expenses out-of-pocket.