What Can You Spend Your HSA On? - Understanding HSA Eligible Expenses

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs and saving for the future. One common question that HSA account holders often ask is what can they spend their HSA funds on. Here's a breakdown of what you can spend your HSA on:

1. Qualified Medical Expenses: You can use your HSA funds to pay for a wide range of medical expenses, including doctor visits, prescription medications, dental care, vision care, and much more.

2. COBRA Premiums: If you're eligible for COBRA continuation coverage, you can use your HSA funds to pay for the premiums.

3. Long-Term Care Premiums: You can use your HSA funds to pay for long-term care insurance premiums, up to certain limits.

4. Medicare Premiums: You can use your HSA funds to pay for Medicare premiums, including Part B and Part D premiums.

5. Alternative Therapies: Some alternative therapies, such as acupuncture and chiropractic care, may be eligible expenses under an HSA.

6. Over-the-Counter (OTC) Medications: Thanks to recent tax law changes, you can now use your HSA funds to purchase OTC medications without a prescription.

7. Medical Supplies: You can use your HSA funds to purchase a variety of medical supplies, such as bandages, crutches, and blood sugar test kits.

Remember that it's important to keep receipts and documentation for all HSA purchases in case of an audit. By understanding what expenses are eligible under an HSA, you can make the most of this powerful savings tool for healthcare costs.

Health Savings Accounts (HSAs) offer a flexible way to save for current and future medical expenses. Besides standard medical costs, you can leverage your HSA funds for costs related to mental health services, such as therapy visits, making it a comprehensive tool for well-being.