What Can I Buy with My HSA? Exploring Eligible Expenses

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs, but you may be wondering what exactly you can purchase with these funds. The good news is that HSAs offer flexibility when it comes to eligible expenses.

Here are some common items you can buy with your HSA:

• Prescription medications
• Doctor's visits and copays
• Dental care, including cleanings, fillings, and braces
• Eye care, such as exams, glasses, and contact lenses
• Medical equipment like crutches, blood pressure monitors, and wheelchairs
• Over-the-counter items with a prescription, like certain medications and supplies

It's also important to note that some alternative treatments, such as acupuncture and chiropractic care, may be eligible expenses when recommended by a healthcare provider.

By using your HSA funds for qualified medical expenses, you can save money on taxes and better manage your healthcare costs. Just be sure to keep records and receipts to show that your purchases are for eligible expenses.

If you are the proud owner of a Health Savings Account (HSA), you're likely aware of its potential for managing healthcare costs. But do you really know the breadth of expenses you can use it for? Here's a deeper look at some of the eligible purchases you can confidently make with your HSA funds:

Eligible Purchases with Your HSA:

• Prescription medications any time you need them to ensure you stay healthy.
• Doctor's visits to maintain regular health check-ups.
• Dental care, covering expenses for cleanings, fillings, and even orthodontics.
• Eye exams, glasses, and contacts to help you see the world clearly.
• Medical supplies, including necessary items like bandages, crutches, or thermometers.
• Therapy and counseling sessions, supporting your mental health.
• Certain vaccines and shots to keep you and your family protected.

By keeping records and receipts of your transactions, you can streamline your tax reporting and maximize HSA benefits.

Why an HSA is Beneficial:

• Enjoy amazing tax advantages: Your contributions lower your taxable income, they grow tax-free, and all withdrawals for eligible expenses are tax-free too.
• They facilitate long-term savings—funds roll over each year, allowing your investment to accumulate.
• Plus, there's versatility: You can utilize your HSA for qualified medical expenses whenever necessary, irrespective of job changes or health plan alterations.

Bear in mind, however, that not every medical expense qualifies for HSA reimbursement. Transactions for non-qualifying items may result in taxes and penalties, so it's advised to consult tax professionals or refer to IRS guidelines for clarity.