What Can You Spend HSA Money On? Exploring the Options

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses while enjoying tax benefits. One common question many HSA account holders have is - what can you spend HSA money on? The good news is that HSA funds can be used for a variety of eligible healthcare expenses:

• Doctor's visits and specialist consultations
• Prescription medications
• Dental care, including cleanings, fillings, and braces
• Eye care, such as exams, glasses, contacts, and LASIK surgery
• Mental health services, including therapy and counseling
• Medical equipment like crutches, wheelchairs, and hearing aids
• Preventive care screenings and vaccines

It's important to note that not all healthcare expenses are eligible for HSA funds. Non-qualified expenses may incur penalties and taxes. Some examples of non-qualified expenses include cosmetic procedures, over-the-counter medications without a prescription, and general health club dues.

As you navigate your HSA spending, keep track of your expenses and save receipts for documentation. Remember that HSA funds can also be used for qualified medical expenses for your spouse and dependents. By understanding what you can spend HSA money on, you can make the most of your healthcare savings while prioritizing your well-being.

Health Savings Accounts (HSAs) empower you to take control of your healthcare expenses while reaping the benefits of tax savings. One frequent question asked by HSA account holders is regarding what expenditures are permissible with HSA money. The positive news is that HSA funds can cover a diverse array of qualified healthcare costs:

• Visits to your primary care physician and any specialists
• Prescription drugs and medications
• Dental services, including checkups, fillings, and orthodontic work
• Vision care, covering eye exams, corrective lenses, and LASIK procedures
• Mental health treatments, including sessions with a therapist or counselor
• Necessary medical equipment such as mobility aids or hearing devices
• Preventive care services, vaccinations, and routine health screenings

It’s crucial to understand that not every healthcare expense qualifies for HSA funds. Spending on non-eligible items may lead to penalties and unwanted taxes. Non-qualified expenses can include cosmetic surgeries, over-the-counter products not prescribed by a doctor, and memberships for general fitness centers.

As you exercise your HSA spending, ensure to monitor your expenses and keep all receipts for verification. Additionally, remember that HSA funds can also be allocated to qualified medical expenses for your spouse and dependent children. By being aware of what you can purchase with HSA money, you can effectively maximize your healthcare savings, ultimately placing your health and wellness first.