What Can You Pay with an HSA Card? Exploring the Versatility of Health Savings Account Funds

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses while enjoying tax benefits. One of the most convenient features of an HSA is the ability to use an HSA card to pay for a wide range of eligible medical expenses.

With an HSA card, you can pay for:

• Doctor visits and co-pays
• Prescription medications
• Dental care, including cleanings, fillings, and braces
• Vision care, such as eye exams, glasses, and contact lenses
• Medical supplies like bandages, crutches, and hearing aids
• Mental health services, including therapy and counseling

Additionally, your HSA funds can also be used for:

• Qualified medical expenses for your spouse or dependents
• COBRA premiums
• Long-term care insurance premiums
• Acupuncture treatments
• Smoking cessation programs

It's important to note that not all expenses are eligible for HSA funds. Non-qualified expenses may incur a tax penalty if paid for with HSA funds. However, with proper planning and awareness of eligible expenses, an HSA can be a powerful financial tool for healthcare.

Health Savings Accounts (HSAs) not only provide a way to save for medical expenses, but they also come with the added advantage of tax benefits. When you utilize your HSA card, you can cover a variety of allowable medical expenses, making healthcare more accessible and affordable.