How to Spend HSA Money: A Complete Guide for Health Savings Account Holders

When it comes to managing your Health Savings Account (HSA), knowing how to spend the funds can be crucial in utilizing this financial tool effectively.

Here are some tips on spending your HSA money wisely:

Qualified Medical Expenses:

• Medical treatments and procedures
• Prescription medications
• Doctor visits and consultations
• Dental and vision care
• Mental health services

Other Eligible Expenses:

• Over-the-counter medications
• Medical supplies and equipment
• Long-term care services
• Health insurance premiums (in certain cases)

It's important to keep receipts and documentation for all expenses paid with your HSA funds for tax purposes. Additionally, you can save your HSA funds for future medical expenses and allow them to grow tax-free.

Your Health Savings Account (HSA) is an incredible resource for managing healthcare costs, but you need to know how to spend your HSA money wisely to maximize its benefits.

Understanding the types of qualified medical expenses that are eligible for HSA spending is essential to making the most out of your funds.

Qualified Medical Expenses:

• Any necessary medical treatments or procedures that a doctor recommends
• Prescription medications that are part of your treatment plan
• Routine doctor visits and consultations for preventive care
• Dental care to maintain your oral health, including cleanings and fillings
• Vision care expenses, such as eye exams and corrective lenses
• Mental health services, including therapy sessions

Other Eligible Expenses:

• Over-the-counter medications, which can now be purchased without a prescription
• Medical supplies and equipment, such as crutches, bandages, and glucose monitors
• Long-term care services that support individuals with chronic illnesses
• Health insurance premiums, in specific instances, particularly for certain types of plans

Remember that it’s essential to keep all receipts and documentation of your expenses for tax purposes. Also, consider saving your HSA funds for future medical needs, as these funds can grow tax-free over time.