What Can I Use My HSA Card for in 2017?

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Using an HSA card for medical costs

If you have a Health Savings Account (HSA), you may wonder what you can use your HSA card for in 2017. An HSA is a tax-advantaged account that allows you to save money for medical expenses. Here are some ways you can use your HSA card:

• Qualified Medical Expenses: You can use your HSA funds to pay for a variety of qualified medical expenses, including doctor visits, prescription medications, and certain medical supplies.
• Dental and Vision Care: Your HSA can also be used for dental and vision care expenses, such as dental cleanings, eye exams, glasses, and contact lenses.
• Alternative Medicine: Some alternative medical treatments, such as acupuncture and chiropractic care, may also be eligible expenses.
• Over-the-Counter Medications: Thanks to the CARES Act in 2020, you can now use your HSA funds to purchase over-the-counter medications without a prescription.
• Health Insurance Premiums: In some cases, you may be able to use your HSA to pay for health insurance premiums, such as COBRA or Medicare.

Eligible expense categories for HSA funds

It’s important to keep all receipts and documentation for HSA purchases to ensure they are for qualifying expenses. Remember, HSA funds roll over from year to year, so any money you don’t use in 2017 will still be available in future years for medical expenses.

If you have a Health Savings Account (HSA), you might be curious about the wide array of options available to you in 2017. An HSA is not just a savings account; it's a powerful tool designed to make managing your healthcare costs easier and more tax-efficient. Here’s how you can make the most of your HSA funds:

• Qualified Medical Expenses: Utilize your HSA card for essential medical expenses such as visits to your physician, prescription medications, and medical supplies like bandages and thermometers.
• Dental and Vision Care: Don’t forget that your HSA can cover dental expenses, including cleanings, fillings, and orthodontics, as well as vision care, like eye exams, contact lenses, and prescription glasses.
• Alternative Medicine: Explore the possibility of alternative therapies like acupuncture, massage therapy, and chiropractic adjustments, which are often qualified expenses.
• Over-the-Counter Medications: With the changes brought by the CARES Act in 2020, over-the-counter medications are back on the list of eligible purchases, allowing you to buy things like allergy relief or pain medication easily.
• Health Insurance Premiums: In certain cases, such as periods of unemployment or retirement, HSA funds may be applicable for paying premiums for health insurance, including COBRA and Medicare.