HSA Guide
What Can Be Purchased with an HSA? - A Guide to HSA Eligible Expenses
Published May 26, 2024
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Get the appWhen it comes to Health Savings Accounts (HSAs), many people wonder what expenses can be covered using these funds. HSAs are a valuable tool for managing healthcare costs, allowing individuals to save pre-tax dollars for medical expenses. Here's a guide to what can be purchased with an HSA:
Eligible Expenses:
- Prescription medications
- Doctor's visits
- Hospital stays
- Dental and vision care
- Medical equipment (e.g., crutches, wheelchairs)
- Mental health counseling
Additionally, there are some less common but still eligible expenses that can be paid for with HSA funds:
- Acupuncture
- Long-term care services
- Laser eye surgery
It's important to note that not all medical expenses are eligible for HSA spending. Some expenses that are not covered include:
- Over-the-counter medications (without a prescription)
- Cosmetic procedures
- Health club dues
- Non-prescription eyeglasses or contacts
Before making a purchase with your HSA funds, always check the IRS guidelines to ensure the expense is eligible.
When utilizing a Health Savings Account (HSA), it's beneficial to understand the range of qualified expenses covered. HSAs not only help individuals save pre-tax dollars for medical costs but also empower them to take charge of their healthcare spending. Here’s an overview of what you can purchase using your HSA funds:
Eligible Expenses:
- Prescription medications
- Routine doctor's visits
- Hospital stays and surgeries
- Dental care including cleanings and fillings
- Vision care such as eye exams and contact lenses
- Medical equipment like crutches, wheelchairs, or hearing aids
- Mental health treatments like therapy and counseling
Additionally, there are some unique yet valuable services that you can fund with HSA accounts:
- Acupuncture sessions
- Long-term care facilities or services
- Laser eye surgeries
However, it's crucial to be aware that certain expenses do not qualify for HSA reimbursements. These include:
- Over-the-counter medications without a doctor’s prescription
- Cosmetic surgeries or procedures for aesthetic purposes
- Health club memberships or fitness classes
- Eyewear like non-prescription glasses or sunglasses
Always verify with IRS guidelines before you spend your HSA funds to ensure your expenses are eligible.