Can You Withdraw Money from HSA for Medical Bills from Previous Year?

As many people are becoming more aware of the benefits of Health Savings Accounts (HSAs), questions about their flexibility and usage arise. A common question that often comes up is whether you can withdraw money from an HSA for medical bills from a previous year.

The short answer is yes, you can withdraw money from your HSA to pay for qualified medical expenses incurred in previous years. This flexibility is one of the key advantages of having an HSA, offering a safety net for unexpected medical costs.

When it comes to accessing funds from your HSA for past medical bills, here are some key points to keep in mind:

• You can use your HSA funds to reimburse yourself for qualified medical expenses paid out of pocket in previous years.
• There is no time limit on when you can reimburse yourself for past medical expenses, as long as they were incurred after you opened your HSA.
• It's important to keep accurate records and receipts of all medical expenses you plan to reimburse yourself for.

Yes, you can withdraw money from your HSA for qualified medical expenses incurred in a previous year. This practice is often overlooked, but it can be an invaluable way to manage past medical costs.