What Can I Use My HSA Money for If Not Medical Expenses?

Health Savings Accounts (HSAs) are a great way to save money for medical expenses while enjoying tax benefits. But what if you have HSA funds left over after meeting your healthcare needs? Can you use this money for non-medical expenses? The short answer is yes! Your HSA funds can be used for a variety of expenses beyond medical costs.

Here are some non-medical expenses you can use your HSA money for:

• 1. Over-the-Counter (OTC) Items: You can purchase OTC medications, first aid supplies, and other health-related items without a prescription using your HSA funds.
• 2. Dental Care: HSA funds can be used for dental treatments such as cleanings, fillings, braces, and even teeth whitening.
• 3. Vision Care: Expenses related to vision care, including eye exams, glasses, contact lenses, and laser eye surgery, are eligible for HSA reimbursement.
• 4. Mental Health Services: Therapy sessions, counseling services, and other mental health treatments can be paid for using HSA funds.
• 5. Alternative Medicine: If you opt for acupuncture, chiropractic care, or other alternative medical treatments, you can use your HSA funds to cover these costs.

It's important to note that while you can use your HSA funds for non-medical expenses, you may be subject to taxes and penalties if you withdraw funds for non-qualified expenses before the age of 65. After 65, you can use your HSA funds for any expense without penalty, though regular income taxes may apply.

Health Savings Accounts (HSAs) are not just limited to medical expenses; they can also provide financial relief in other areas. If you find yourself with leftover HSA money after meeting your healthcare needs, you can use those funds for a variety of expenses that might surprise you!