What Can You Use Your HSA Account For? Benefits and Eligible Expenses Explained

One of the most common questions about Health Savings Accounts (HSAs) is what expenses can be covered with the funds. Understanding the eligible expenses for your HSA account can help you maximize its benefits and save on healthcare costs. Here's a breakdown of what you can use your HSA account for:

Medical Expenses: You can use your HSA funds to pay for a wide range of medical expenses, including doctor visits, prescriptions, dental care, vision care, and more. This flexibility makes HSAs a valuable tool for managing healthcare costs.

Over-the-Counter (OTC) Medications: With recent changes in legislation, you can now use your HSA funds to purchase over-the-counter medications without a prescription. This includes common items like pain relievers, cold medicine, and allergy relief.

Medical Equipment: Your HSA funds can be used to buy medical supplies and equipment, such as crutches, blood pressure monitors, and insulin pumps. This can be especially helpful for managing chronic conditions.

Mental Health Services: HSAs also cover mental health services, including therapy sessions and medication prescribed for mental health conditions. It's important to prioritize your mental well-being, and your HSA can assist in covering these costs.

COVID-19 Testing and Treatment: During the ongoing pandemic, HSA funds can be used for COVID-19 testing, treatment, and related expenses. This ensures you have access to necessary healthcare services to stay safe and healthy.

Pregnancy and Childbirth: HSA funds can be used for prenatal care, delivery expenses, postnatal care, and breastfeeding supplies. Planning for the financial aspects of starting or expanding your family is made easier with an HSA.

Long-Term Care: If you require long-term care services, your HSA funds can be utilized for eligible expenses related to nursing homes, assisted living facilities, and in-home care. This allows you to plan ahead for potential future needs.

Other Eligible Expenses:

• Smoking cessation programs
• Weight loss programs for specific diagnosed diseases
• Laser eye surgery for vision correction
• Acupuncture and chiropractic care

Health Savings Accounts (HSAs) are not just about saving for future medical expenses; they also allow you to cover essential health-related costs now. By utilizing your HSA funds wisely, you can reduce your out-of-pocket expenses significantly.