What Can I Use HSA on? Understanding the Benefits of a Health Savings Account

If you have a Health Savings Account (HSA), you may be wondering what expenses you can use it on. An HSA is a great way to save for medical costs while reducing your taxable income, but it's important to understand the rules and regulations surrounding its use.

Here are some common expenses that you can use your HSA funds for:

• Doctor's visits
• Prescription medications
• Dental care
• Vision care (glasses, contacts, etc.)
• Medical equipment (crutches, wheelchairs, etc.)
• Chiropractic services
• Mental health services

It's important to note that not all medical expenses are eligible for HSA spending. Non-qualified expenses may incur taxes and penalties, so it's best to familiarize yourself with what is and isn't covered.

Additionally, you can use your HSA funds for qualified medical expenses for yourself, your spouse, and your dependents. This flexibility makes an HSA a valuable tool for managing healthcare costs for your entire family.

Remember, your HSA funds roll over from year to year, so you can continue to save and use them for future medical expenses. It's a smart way to plan for healthcare costs while saving on taxes.

Are you curious about what you can purchase with your Health Savings Account (HSA)? Understanding the range of eligible expenses can empower you to effectively utilize your savings. Beyond standard doctor's visits, you can use HSA funds for important services like comprehensive care for your teeth, including routine cleanings and even braces for you or your kids!