What Can I Buy on HSA 2018? - A Comprehensive Guide

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What HSA spending covers in 2018

If you have a Health Savings Account (HSA), you might be wondering what expenses are eligible for tax-free spending in 2018. An HSA is a tax-advantaged account that can be used to pay for qualified medical expenses for you, your spouse, and your dependents.

Here are some common items and services you can purchase using your HSA funds:

• Prescription medications
• Doctor’s visits
• Dental care
• Eye exams and glasses
• Hearing aids
• Physical therapy
• Mental health counseling
• Medical equipment such as blood pressure monitors or crutches

Generally not eligible HSA expense types

It's important to note that not all medical expenses are eligible for HSA spending. Here are some items that are generally not covered:

• Cosmetic procedures
• Health club memberships
• Non-prescription drugs (except insulin)
• General health supplies like vitamins and supplements
• Over-the-counter items without a prescription

Eligible essential medical costs and cautions

Remember to keep receipts for your purchases in case you are audited by the IRS. Using your HSA funds for non-qualified expenses can result in penalties and taxes.

If you're managing an HSA, it’s crucial to understand the wide range of eligible expenses for tax-free spending. In 2018, you could use your HSA funds for essential medical costs that include:

• Prescription medications
• Routine check-ups with your doctor
• Dental procedures, such as cleanings and fillings
• Eye care services, including exams and corrective lenses
• Hearing aids and batteries for them
• Physical therapy treatments for recovery
• Mental health services, such as counseling
• Medical equipment like crutches or mobility aids

However, be cautious: not all expenses qualify for HSA spending. For instance, cosmetic surgeries, gym memberships, or vitamins are generally not covered. Be sure to keep your receipts to prove your costs are indeed eligible according to IRS guidelines.