What Can You Spend HSA On? - A Guide to Understanding HSA Expenses

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. But what can you actually spend your HSA funds on?

Here's a breakdown of what you can use your HSA to pay for:

• Qualified Medical Expenses: This includes a wide range of medical services and products, such as doctor's visits, surgeries, dental treatment, prescription medications, and even over-the-counter items like bandages and pain relievers.
• Medical Supplies: You can use your HSA funds to purchase medical supplies like crutches, blood pressure monitors, and diabetes testing kits.
• Transportation Costs: If you need to travel for medical treatment, you can use your HSA to pay for transportation expenses such as gas, parking fees, and public transportation fares.
• Long-Term Care: HSA funds can also be used to cover the costs of long-term care services for yourself, your spouse, or dependents.
• COBRA Premiums: If you're between jobs or experiencing a qualifying event, you can use your HSA to pay for COBRA health insurance premiums.
• Some Non-Medical Expenses: While primarily intended for medical costs, there are some non-medical expenses that qualify for HSA funds, such as certain health insurance premiums if you're over 65, Medicare premiums, and even certain home improvements to accommodate a disability.

It's important to note that not all expenses are eligible for HSA spending. Be sure to check with your HSA provider or the IRS for a comprehensive list of qualified medical expenses.

Health Savings Accounts (HSAs) are an excellent option for anyone looking to save on medical costs, offering not just a way to set aside pre-tax money for healthcare expenses but also flexibility in what you can purchase.