What Can Be Paid Out of an HSA Account?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while taking advantage of tax benefits. But what exactly can you pay for using funds from your HSA account?

Here are some common expenses that you can use your HSA account to pay for:

• Doctor visits
• Prescription medications
• Medical procedures and surgeries
• Dental and vision care
• Over-the-counter medications with a prescription
• Medical equipment such as crutches or wheelchairs
• Mental health services
• Chiropractic care
• And more!

It's important to keep in mind that not all medical expenses are eligible for HSA funds. Here are some examples of expenses that generally cannot be paid for using your HSA account:

• Health insurance premiums
• Cosmetic procedures
• Non-prescription medications
• Supplements
• General health and wellness products
• And other non-qualifying expenses

Remember to keep receipts and documentation for all HSA expenses for tax purposes. Using your HSA funds for eligible expenses can help you save money and cover your medical costs more efficiently.

Health Savings Accounts (HSAs) not only help you save for medical expenses but also provide significant tax advantages, making them an excellent financial tool for anyone looking to manage their healthcare costs better. With an HSA, you can easily budget for a range of eligible medical expenses, ensuring that you're prepared for both planned and unexpected healthcare needs.

Some of the most common expenses you can use your HSA funds for include:

• Routine doctor visits and specialist appointments
• Prescription drugs that you may need on a regular basis
• Necessary medical procedures and surgeries that could arise
• Dental work and vision care, such as glasses and contact lenses
• Over-the-counter medications, provided you have a prescription
• In-home medical equipment like crutches, wheelchairs, or other assistive devices
• Counseling sessions and other mental health services
• Chiropractic treatments for musculoskeletal issues
• Plus many other healthcare-related expenses!

However, keep in mind that not every medical expense qualifies for HSA reimbursement. Expenses that typically cannot be covered by your HSA account include:

• Health insurance premiums and co-pays
• Cosmetic procedures that are not medically necessary
• Over-the-counter medications without a prescription
• Nutritional supplements without a doctor's recommendation
• General wellness products that are not deemed essential for medical care
• And a host of other non-qualifying expenses.

Always retain receipts and appropriate documentation for all purchases made with your HSA funds, as this information is essential come tax season. Leveraging your HSA for applicable expenses can significantly ease your financial burden and promote wiser health spending.