Is Preparation H HSA Eligible? Understanding HSA Eligibility for Over-the-Counter Medications

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One common question that arises is whether over-the-counter medications like Preparation H are eligible for HSA funds.

Preparation H is a popular over-the-counter medication used to treat hemorrhoids. As a general rule, over-the-counter medications are eligible for HSA funds if they are used to treat a specific medical condition.

When it comes to HSA eligibility for over-the-counter medications like Preparation H, here are some key points to consider:

• Consult the list of eligible medical expenses provided by the IRS to ensure that Preparation H is included.
• Get a prescription from a healthcare provider if required, as some over-the-counter medications need a prescription for HSA eligibility.
• Keep detailed records of your purchases, including receipts and prescriptions, to substantiate your HSA expenses.

By following these guidelines, you can make sure that your HSA funds are used appropriately for over-the-counter medications like Preparation H.

Health Savings Accounts (HSAs) provide a fantastic opportunity for individuals to save money for medical expenses while enhancing their overall financial health with tax benefits. One question that often pops up is whether over-the-counter medications such as Preparation H are eligible to be purchased with HSA funds.