What Are Acceptable Expenses Covered by an HSA?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs and saving for future medical expenses. One of the key benefits of an HSA is that it allows you to pay for a wide range of medical expenses with tax-free funds. So, what exactly are the acceptable expenses covered by an HSA?

Here are some of the commonly accepted expenses that can be covered by your HSA:

• Doctor's visits
• Prescription medications
• Medical procedures and surgeries
• Dental and vision care
• Mental health services
• Physical therapy
• Long-term care services

It's important to note that not all medical expenses are eligible for HSA funds. To ensure that your expenses are considered eligible, it's recommended to refer to the IRS guidelines on qualified medical expenses.

HSAs are a flexible and tax-efficient way to pay for healthcare expenses. By understanding what expenses are covered by an HSA, you can make the most of this valuable savings tool.

Health Savings Accounts (HSAs) are an incredibly effective tool for managing your healthcare expenses while also giving you the ability to save for future medical costs tax-free. But what exactly can you use your HSA funds on? Here’s a breakdown of some eligible expenses:

• Routine doctor's appointments
• Prescription drugs and certain over-the-counter medications
• Necessary medical procedures and surgeries, including hospital stays
• Dental treatments such as cleanings, fillings, and braces
• Vision care including eye exams, glasses, and contact lenses
• Therapy sessions, including mental health and physical therapy
• Long-term care insurance premiums and related services

It’s crucial to remember that the IRS has specific guidelines regarding what qualifies as a medical expense. Checking these guidelines will help you maximize your HSA benefits effectively.