What Can Be Reimbursed with an HSA from Select Account?

Health Savings Accounts (HSA) offer individuals a way to save and pay for medical expenses with pre-tax dollars. One of the main benefits of having an HSA is the ability to get reimbursed for qualified medical expenses. But what exactly can be reimbursed with an HSA from select account?

Here are some common expenses that can be reimbursed with an HSA:

• Doctor's visits and consultations
• Prescription medications
• Dental treatments
• Eye exams and glasses or contact lenses
• Medical equipment such as crutches or blood sugar monitors
• Chiropractic care

It's important to note that not all medical expenses are eligible for reimbursement with an HSA. Expenses such as cosmetic procedures, vitamins, and over-the-counter medications (without a prescription) are usually not allowed.

Using your HSA to reimburse medical expenses is a simple process. You can pay for the expense out of pocket and then submit a reimbursement request to your HSA provider. Make sure to keep all receipts and documentation for your records.

Remember, it's always a good idea to check with your HSA provider or tax advisor if you are unsure about whether a specific expense can be reimbursed with your HSA.

Health Savings Accounts (HSA) are an incredible tool that help individuals save and effectively manage their healthcare costs. With HSAs, you can not only set aside funds for future medical expenses but also enjoy the benefits of tax-free reimbursements for a range of qualified medical expenses. So, what are some expenses you can typically get reimbursed for when using an HSA from select accounts?

To start, many everyday healthcare costs qualify for reimbursement, including:

• Doctor's office visits, where you pay for consultations and routine check-ups
• Prescription medications that your physician prescribes
• Dental treatment expenses like cleanings, fillings, and braces
• Eye care costs such as eye exams, contact lenses, and prescription glasses
• Essential medical equipment, which might include items like crutches or diabetes testing supplies
• Chiropractic services to help ease pain and improve mobility

It’s crucial, however, to remain aware that not all medical expenses will qualify for reimbursement through an HSA. For instance, most cosmetic surgeries, certain vitamins, and over-the-counter medications without a prescription typically fall outside eligible expenses.

The good news is processing reimbursements from your HSA is straightforward. Simply pay for the medical service out of pocket, keep those important receipts, and then you can submit a reimbursement request to your HSA provider. Be diligent about keeping good records!

If you're ever uncertain about whether a specific healthcare expense qualifies for reimbursement, don't hesitate to reach out to your HSA provider or a trusted tax advisor for clarity.