What Can You Purchase with Your HSA? - Understanding HSA Qualified Expenses

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses. One common question many people have is, 'What can you purchase with your HSA?' The answer to this question lies in understanding which expenses are considered qualified for HSA funds.

Here are some items you can purchase with your HSA:

• Prescription medications
• Doctor's office visits
• Dental care
• Eye exams and glasses
• Medical equipment like crutches or wheelchairs
• Therapy services (physical, occupational, etc.)
• Chiropractic care

It's important to keep in mind that not all healthcare expenses are eligible for HSA reimbursement. To ensure compliance with IRS regulations, it's a good idea to familiarize yourself with the list of qualified medical expenses. Using your HSA funds for non-qualified expenses may result in penalties and taxes.

However, with the flexibility that comes with HSAs, there are some unexpected items you may not have known are eligible for purchase with your HSA:

• Sunscreen with SPF 30 or higher
• Acne treatments
• First aid supplies

By understanding what you can and cannot purchase with your HSA, you can make the most of this tax-advantaged account and effectively manage your healthcare costs.

Health Savings Accounts (HSAs) provide an excellent way to manage your medical expenditures efficiently. A frequently asked question is, 'What can I buy with my HSA?' This inquiry brings us to the core of qualified HSA expenses.

With an HSA, you can cover the costs of:

• Prescription drugs prescribed by your doctor
• Routine and urgent care visits at physician's offices
• Dental treatments, including cleanings and orthodontics
• Vision services such as eye exams, contacts, and corrective lenses
• Essential medical supplies like crutches, bandages, and wheelchairs
• Rehabilitation and therapy services, including physical and massage therapy
• Chiropractic adjustments and related services

Be aware that not every health-related expenditure qualifies for HSA reimbursement. To remain compliant with IRS guidelines, familiarize yourself with the comprehensive listing of qualified medical expenses. Misusing your HSA funds for non-qualified items can incur penalties and taxable rewards.

In addition to the basics, your HSA can also be used for some surprising products:

• Sunscreen lotions and sprays with SPF 30 or greater
• Over-the-counter acne solutions
• Basic first-aid items, including band-aids and antiseptics

By knowing what you can purchase with your HSA, you optimize this tax-advantaged account and better control your healthcare finances.