What Can be Paid with an HSA Account? Important Information You Need to Know

Health Savings Accounts (HSAs) are a great way to save money for medical expenses while also reducing your taxable income. One common question people have is, what can be paid with an HSA account? Let's dive into the details.

What can be paid with an HSA account:

• Qualified medical expenses such as doctor visits, prescriptions, and hospital fees
• Dental care including cleanings, braces, and fillings
• Eye care like exams, glasses, and contact lenses
• Some over-the-counter medications with a prescription
• Medical equipment such as crutches, wheelchairs, and blood pressure monitors
• Mental health services including therapy and counseling

It's important to note that not all expenses can be paid with an HSA account. Non-qualified expenses may incur taxes and penalties. Be sure to check with your HSA provider or tax advisor if you have any questions about what is covered.

Health Savings Accounts (HSAs) offer a smart way to save for qualified medical expenses while also providing tax advantages. It’s essential to understand what you can actually use your HSA funds for. Let's explore!

What can be paid with an HSA account:

• Qualified medical expenses, including visits to physicians, prescription medications, and hospital bills.
• Dental care, which encompasses routine check-ups, orthodontics like braces, and necessary fillings.
• Vision expenses such as eye exams, contact lenses, and glasses that improve your eyesight.
• Specific over-the-counter medications can be reimbursed if you have a doctor’s prescription.
• Durable medical equipment like wheelchairs, crutches, and blood pressure cuffs that are necessary for your health.
• Mental health treatments, which include therapy sessions, counseling, and other psychological support services.

Remember, IRS guidelines dictate that only qualified expenses are covered, so any non-qualified purchases from your HSA may lead to taxes and penalties. Always double-check with your HSA provider or financial advisor to clarify covered expenses.