What Can Be Reimbursed with an HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages. One common question that arises is what expenses can be reimbursed using an HSA. Here's a breakdown of what can be reimbursed with an HSA:

Qualified Medical Expenses:

• Doctor visits
• Prescriptions
• Medical procedures
• Dental and vision care
• Mental health services

Other Eligible Expenses:

• Over-the-counter medications with a prescription
• Medical equipment such as crutches or wheelchairs
• Transportation for medical care
• Long-term care services

It's essential to keep detailed records and receipts for all expenses you plan to reimburse with your HSA. Remember that non-medical expenses are subject to a penalty if withdrawn before retirement age. By understanding what can be reimbursed with an HSA, you can make the most of this valuable healthcare savings tool.

Health Savings Accounts (HSAs) are not only beneficial for setting aside funds for medical expenses, but they also offer significant tax savings and flexibility. A common inquiry relates to what expenses can be reimbursed through an HSA. Let's delve into the specifics:

Qualified Medical Expenses:

• All types of doctor visits, including specialists.
• Prescription medications that are essential for health management.
• Medical procedures, from minor surgeries to major operations.
• Comprehensive dental and vision care, including braces and corrective lenses.
• Services aimed at mental health, like therapy sessions and counseling.

Other Eligible Expenses:

• Over-the-counter (OTC) medications if they come with a prescription.
• Medical equipment such as crutches, wheelchairs, or any necessary devices.
• Transportation costs incurred while visiting healthcare providers, like public transit fares or mileage reimbursements.
• Long-term care services that assist with daily activities for chronic illnesses.

Make it a point to keep meticulous records and retain all receipts for any expenses intended for reimbursement through your HSA. Non-medical withdrawals before reaching retirement age may incur penalties, making it vital to understand which costs are eligible. By knowing what can be reimbursed with an HSA, you unlock the full potential of this outstanding healthcare savings instrument.