HSA Guide
How Can I Use HSA Money? - Your Guide to Making the Most of Your Health Savings Account
Published July 7, 2023
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Get the appAre you wondering how to make the most of the funds in your Health Savings Account (HSA)? You're in the right place! An HSA is a valuable tool that allows you to save money for medical expenses while enjoying tax benefits. Here's a comprehensive guide on how you can use your HSA money wisely:
Qualified Medical Expenses
HSA funds can be used for a wide range of medical expenses for you, your spouse, and dependents, even if they are not covered by your health insurance.
Prescription Medications
You can use your HSA funds to pay for prescription medications prescribed by a licensed healthcare provider.
Over-the-Counter (OTC) Medications
As of 2020, you can also use your HSA funds to purchase OTC medications without a prescription.
Co-Payments and Deductibles
HSA money can be used to cover co-payments, deductibles, and other out-of-pocket costs for eligible medical services.
Dental and Vision Care
Your HSA funds can be used for a variety of dental and vision expenses, including check-ups, cleanings, glasses, and contact lenses.
Mental Health Services
HSA funds can also be used for mental health services, such as therapy and counseling.
Alternative Treatments
Some alternative treatments, like acupuncture and chiropractic care, may also be eligible for HSA reimbursement.
Remember to keep records of your expenses and save receipts to substantiate your HSA withdrawals. By using your HSA funds for qualified medical expenses, you can maximize your savings and enjoy the benefits of tax-free spending!