What can I use my HSA for in 2018?

If you have a Health Savings Account (HSA), you may wonder how you can use the funds in your account. HSAs are a great way to save for medical expenses while enjoying tax benefits. Here's what you can use your HSA for in 2018:

1. Qualified Medical Expenses:

• Doctor visits
• Prescriptions
• Dental care
• Vision care
• Medical procedures

2. Over-the-counter (OTC) medications with a prescription:

3. Health Insurance Premiums:

• COBRA
• Long-term care insurance premiums

4. Medicare and other healthcare coverage during retirement:

5. Certain daily expenses for chronic conditions:

• Special foods
• Transportation to receive medical care

Make sure to keep receipts and records of your expenses for tax purposes. By using your HSA for qualified medical expenses, you can save money and plan for future healthcare needs.

Did you know that with a Health Savings Account (HSA), you can cover a wide variety of healthcare costs? This guide will help you navigate the many ways to utilize your HSA funds effectively in 2018.

1. Qualified Medical Expenses:

• From routine doctor visits to specialist consultations, any services provided by licensed healthcare professionals can be paid for using your HSA.
• Prescription medications are fully eligible, ensuring your essential health needs are covered.
• Dental care, including check-ups, cleanings, and orthodontics, is another great use of HSA funds.
• Don’t forget about vision care – your HSA can help with eye exams, glasses, and contact lenses.
• Any necessary medical procedures, whether outpatient or inpatient, are also included!

2. Over-the-counter (OTC) medications can only be purchased with a prescription. Keep this in mind when visiting your pharmacy.

3. Health Insurance Premiums can often be paid through your HSA, such as:

• COBRA continuation coverage, which can be vital during job transitions.
• Long-term care insurance premiums, ensuring you're covered for extended periods of medical need.

4. When you reach retirement age, don’t overlook using HSA funds for Medicare and other healthcare coverage.

5. For those managing chronic conditions, your HSA can be used for:

• Special dietary foods required for treatment.
• Transportation costs incurred while traveling for medical care, ensuring you stay healthy.

Always keep detailed records of your receipts and expenses for tax purposes. Utilizing your HSA wisely will not just help you save money but also plan for your future healthcare needs effectively!