What Can I Include on My HSA?

So you've opened a Health Savings Account (HSA) – great choice! But now you may be wondering, what can I include on my HSA? An HSA is a tax-advantaged savings account that allows you to save money for medical expenses, both now and in the future. Here are some things you can include on your HSA:

• Medical Expenses: This includes a wide range of expenses, from doctor's visits and prescription medications to vision and dental care.
• Over-the-Counter Medications: Certain over-the-counter medications and supplies are eligible for HSA funds, but be sure to check the IRS guidelines for what qualifies.
• Medically Necessary Items: This can include things like crutches, bandages, and other items prescribed by a healthcare provider.
• Long-Term Care Insurance Premiums: If you're paying for long-term care insurance, you may be able to use your HSA funds for this expense.

Remember, it's important to keep detailed records and receipts for all expenses you plan to reimburse yourself for with your HSA. This will help you stay organized and ensure you're using your funds appropriately. By knowing what you can include on your HSA, you can make the most of this valuable savings tool for your healthcare needs.

Congratulations on opening your Health Savings Account (HSA)! Now that you're on your way to better financial health, you might be asking yourself: what can I use my HSA for? The beauty of an HSA lies in its versatility as a tax-advantaged savings account designed for medical expenses that you can tap into both today and down the road. To ensure you're making the most of your funds, consider these eligible expenses:

• Medical Expenses: Nearly all costs associated with your medical care qualify, including routine check-ups, specialist visits, hospitalization, along with prescribed medications, and even some therapies.
• Over-the-Counter Medications: Don't forget about qualifying over-the-counter products! From pain relievers to cold medicines, most items considered necessary for health are eligible, but do check the latest IRS regulations.
• Medically Necessary Items: Equipment and supplies needed for your health, like wheelchairs, blood pressure monitors, and first aid supplies can also be included—so save those receipts!
• Long-Term Care Insurance Premiums: If you’re forward-thinking and investing in long-term care insurance, your HSA can help cover those premiums, offering peace of mind for the future.

It's essential to maintain meticulous documentation for any expenses you're planning to reimburse from your HSA. This not only helps in staying organized but also ensures you're leveraging your funds the right way. By understanding what qualifies, you can turn your HSA into a powerful financial tool for your health-related expenses.