Understanding Qualified Purchases for an HSA: What Can You Buy?

Health Savings Accounts (HSAs) offer a valuable way to save for medical expenses while enjoying tax benefits. One common question that arises with HSAs is what purchases qualify under this account. Qualified purchases for an HSA include a variety of medical expenses that can help you maintain and improve your health.

Here are some examples of qualified purchases for an HSA:

• Prescription medications
• Doctor visits and consultations
• Dental care, including cleanings, fillings, and braces
• Vision care, such as eye exams, glasses, and contact lenses
• Over-the-counter medications prescribed by a healthcare provider
• Medical equipment like crutches, wheelchairs, and blood sugar test kits
• Mental health services and therapy
• Smoking cessation programs

Keep in mind that not all medical expenses are qualified purchases for an HSA. Some non-eligible expenses include cosmetic procedures, vitamins or supplements not prescribed by a healthcare provider, and health club memberships.

Understanding what you can buy with your HSA funds is crucial to make the most of this valuable savings tool. By using your HSA for qualified purchases, you can save money on your medical expenses and invest in your health and well-being.

Health Savings Accounts (HSAs) not only provide an excellent means to save for medical expenses but also allow you to capitalize on significant tax advantages. It’s essential to know what expenses are considered qualified purchases under these accounts. Qualified purchases for an HSA encompass a wide array of medical-related expenses and services that contribute to overall wellness.