What Can You Use HSA Dollars For? A Comprehensive Guide

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses and saving for the future. One of the key benefits of an HSA is the flexibility it offers in terms of what you can use the funds for. Here's a comprehensive guide on what you can use HSA dollars for:

Qualified Medical Expenses:

• Doctor visits
• Prescriptions
• Dental care
• Vision care
• Medical procedures

Other Eligible Expenses:

• Over-the-counter medications
• Medical equipment like crutches or blood pressure monitors
• Health insurance premiums (in certain cases)
• Transportation expenses related to medical care
• Long-term care services and insurance

It's important to note that using HSA funds for non-qualified expenses may result in penalties, so it's essential to understand what qualifies as an eligible expense.

Maximizing the benefits of your HSA can help you save on taxes and cover healthcare costs more effectively. By utilizing HSA dollars for eligible expenses, you can make the most out of this powerful financial tool.

Health Savings Accounts (HSAs) are a fantastic way to manage your healthcare expenses and prepare for future needs. With the funds available in your HSA, you can take control of your health finances. Here’s what you can use your HSA dollars for:

Qualified Medical Expenses:

• Regular visits to your primary care physician.
• Prescription medications required for ongoing health conditions.
• Dental services including checkups, fillings, and extractions.
• Vision exams and corrective lenses, such as glasses or contact lenses.
• Necessary medical procedures that promote health and prevent chronic conditions.

Other Eligible Expenses:

• Non-prescription drugs, as long as they were purchased after the HSA was established.
• Medical devices, including wheelchairs, hearing aids, and blood glucose monitors.
• Premiums for health insurance during periods of unemployment, COBRA coverage, or long-term care.
• Transportation expenses to and from medical appointments, including mileage or public transportation fares.
• Costs associated with long-term care, including facilities or in-home care services.

Remember, spending HSA funds on non-qualified expenses can lead to taxation and penalties, so always check what's eligible before making a purchase. Making the most of your HSA not only helps you manage healthcare costs but also offers tax advantages that can significantly impact your savings over time.