What Can I Buy With My HSA Before the End of the Year?

If you have a Health Savings Account (HSA), you may be wondering what you can purchase with the funds before the year ends. An HSA is a tax-advantaged savings account that allows individuals to save money for qualified medical expenses. It's important to understand what is considered an eligible expense to ensure you make the most out of your HSA.

Here are some items you can buy with your HSA before the end of the year:

• Prescription medications
• Doctor's visits and co-pays
• Dental treatments
• Eye exams and glasses
• Over-the-counter medications with a prescription
• Medical supplies such as bandages and crutches

It's also worth noting that you can use your HSA funds for eligible expenses for yourself, your spouse, and any dependents you claim on your tax return. This provides flexibility in utilizing the funds for your family's healthcare needs.

Additionally, if you have any funds remaining in your HSA towards the end of the year, it's a good idea to consider making prior purchases that may rollover or expire at the year-end. This way, you can maximize the benefits of your HSA funds and avoid any unused funds going to waste.

As healthcare costs continue to rise, having an HSA can be a valuable tool in managing and covering medical expenses. By understanding what you can buy with your HSA and planning ahead, you can make the most of this resource for your healthcare needs.

As the year approaches its end, make sure to utilize your Health Savings Account (HSA) effectively by knowing which items you can purchase. It's not just about saving money; it's also about being proactive in managing your healthcare expenses.