What Can I Purchase with My HSA? A Comprehensive Guide

If you're new to an HSA (Health Savings Account) or considering one, you might be wondering what you can purchase with it. HSAs offer a tax-advantaged way to save for medical expenses, but the guidelines on what you can buy can sometimes be confusing. Let's break it down.

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

• Prescription medications
• Doctor's visits and co-pays
• Dental and vision care
• Medical supplies like bandages and crutches
• Mental health counseling

It's important to note that not all expenses are eligible for HSA reimbursement. Some cosmetic procedures or over-the-counter medications may not be covered. Always check with your HSA provider or the IRS guidelines for clarification.

Remember, keeping detailed records of your purchases is essential for tax purposes. Save receipts and make sure your expenses qualify under HSA rules.

Ultimately, an HSA is a valuable tool for managing healthcare costs, providing flexibility and tax benefits. Knowing what you can purchase with your HSA can help you make the most of this financial resource.

Your Health Savings Account (HSA) is more than just a savings tool; it empowers you to manage your medical costs effectively. You can use HSA funds for a variety of healthcare-related expenses, enabling you to invest in your health without impacting your budget.