What Can HSA Be Used for in 2020? A Comprehensive Guide

Health Savings Accounts (HSAs) have become increasingly popular for individuals and families looking to save on healthcare expenses. But what can HSA be used for in 2020? Let's explore the various ways you can utilize your HSA funds:

Medical Expenses: You can use your HSA funds to pay for a wide range of medical expenses, including doctor's visits, prescriptions, dental care, vision care, and much more.

COVID-19 Expenses: In light of the ongoing pandemic, HSA funds can also be used to cover COVID-19 related medical expenses, such as testing, treatment, and telehealth services.

Over-the-Counter (OTC) Medications: Thanks to recent regulatory changes, you can now use your HSA to purchase over-the-counter medications without a prescription.

Long-Term Care: HSA funds can be used to pay for long-term care services for yourself, your spouse, or your dependents.

Retirement Savings: If you're looking to save for retirement, you can use your HSA funds as a supplemental retirement account. After age 65, you can withdraw funds for non-medical expenses without penalty (though taxed as income).

Alternative Therapies: Some alternative therapies and treatments such as acupuncture, chiropractic care, and certain vitamins/supplements may be covered by your HSA.

Health Savings Accounts (HSAs) are a fantastic way for individuals and families to manage their healthcare expenses. In 2020, funds from your HSA can be utilized for a broad spectrum of medical expenses including routine doctor's visits, necessary prescriptions, and both dental and vision care.