What Can I Use My Fidelity HSA For - Exploring HSA Benefits

Health Savings Accounts (HSAs) have become a popular way for individuals to save and pay for medical expenses while enjoying tax benefits. If you have a Fidelity HSA, you may be wondering what expenses you can use it for. Let's explore the various ways you can utilize your Fidelity HSA funds:

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

• Medical services such as doctor visits, surgeries, and preventive care
• Prescription medications
• Dental treatments including cleanings, fillings, and braces
• Eye care expenses like exams, glasses, and contact lenses
• Mental health services
• Physical therapy and chiropractic care
• Over-the-counter medications with a prescription
• Long-term care services
• COBRA premiums
• Medical equipment like wheelchairs, crutches, and hearing aids

Additionally, you can use your Fidelity HSA for:

• Health insurance premiums if you're over 65 or receiving unemployment benefits
• Qualified medical expenses for your spouse or dependents
• Alternative treatments like acupuncture and massage therapy if prescribed by a healthcare professional
• Transportation costs related to medical care
• Health-related home improvements for yourself, your spouse, or dependents
• And much more!

It's important to keep records of your expenses and make sure they qualify under IRS guidelines to avoid any penalties. With a Fidelity HSA, you have the flexibility to use your funds for a wide range of medical expenses.

Health Savings Accounts (HSAs) not only provide a great way to save for medical expenses but also come with exceptional tax advantages that can help you keep more of your hard-earned money. If you have a Fidelity HSA, it's essential to know the breadth of expenses you can cover. Let's dive into the many uses of your Fidelity HSA funds:

Some of the most common expenses you can use your Fidelity HSA for include:

• Doctor visits, hospital stays, and even surgeries that require inpatient care
• Cost of prescription medications that can be critical for managing ongoing health conditions
• Dental care expenses, encompassing everything from routine cleanings to braces or dental surgery
• Eye examinations and vision-related expenses such as glasses and contact lenses
• Services related to mental health, including therapy sessions and psychiatric consultations
• Chiropractic treatments or physical therapy sessions to help recover from injuries
• Over-the-counter medications, especially when recommended by a healthcare provider
• Long-term care support which can be crucial as you age
• COBRA health insurance premiums for continued coverage after leaving a job
• Medical devices like wheelchairs and hearing aids that enhance mobility and quality of life

Beyond the basics, your Fidelity HSA can also be utilized for:

• Insurance premiums if you are over 65 or are unemployed, providing you with greater care choices
• Covering medical expenses for your spouse or dependent children
• Using funds for alternative medicine practices, such as acupuncture, when these are prescribed
• Transportation costs if you need to travel for medical treatments
• Renovations at home to accommodate medical conditions for you or your loved ones
• And much more, giving you financial freedom for your health!

Always maintain detailed records of your expenditures and ensure they align with IRS rules to avoid any unpleasant surprises come tax time. Your Fidelity HSA is a powerful tool for managing both your health care needs and your finances effectively.