What Can You Use HSA For in 2019? An Ultimate Guide

Health Savings Accounts (HSAs) are a valuable tool that can help you save on medical expenses. If you have an HSA, you may wonder what expenses you can use it for in 2019. Here's a comprehensive guide to help you understand how you can make the most of your HSA:

1. Qualified Medical Expenses:

You can use your HSA to pay for a wide range of medical expenses, including doctor visits, prescriptions, dental care, vision care, and more. Some common eligible expenses include:

• Doctor visits
• Prescriptions
• Hospital stays
• Dental treatments
• Vision care (glasses, contact lenses)

2. Over-the-Counter (OTC) Medications:

Starting in 2019, you can use your HSA to purchase over-the-counter medications without a prescription. This includes items like pain relievers, allergy medications, and more.

3. Long-Term Care:

If you require long-term care services, you can use your HSA to pay for eligible expenses related to long-term care. This can include home care, assisted living, and nursing home services.

4. COBRA Premiums:

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

5. Medicare Premiums:

You can also use your HSA to pay for Medicare premiums, including Part B and Part D premiums. This can help you cover your healthcare costs even after retirement.

These are just a few examples of what you can use your HSA for in 2019. It's essential to familiarize yourself with the rules and regulations governing HSA spending to ensure you're using your funds appropriately.

Health Savings Accounts (HSAs) are a great financial asset that can significantly reduce your medical expenses. In 2019, if you have an HSA, you’ll want to know the wide variety of expenses you can use it for, so here’s a detailed breakdown:

1. Qualified Medical Expenses:

Your HSA can be used for many qualified medical expenses, such as routine doctor visits, prescribed medications, dental visits, vision care, and even preventative care. Some commonly eligible items to consider include:

• Routine check-ups with your physician
• Prescription medications prescribed by a healthcare professional
• Hospitalization bills
• Various dental procedures (fillings, cleanings)
• Eye exams and corrective lenses (glasses or contacts)

2. Over-the-Counter (OTC) Medications:

As of 2019, you don’t need a prescription to spend your HSA on over-the-counter medications anymore. This allows for greater flexibility to buy necessary items like cold medicine, pain relievers, or allergy treatments.

3. Long-Term Care:

If you or a loved one need long-term care, your HSA can be used to cover approved expenses for services in home care, assisted living facilities, and nursing homes to ensure comfort and support.

4. COBRA Premiums:

If you’ve recently left a job, you might qualify for COBRA coverage to continue your health insurance. Your HSA can help you cover those COBRA premiums, which can be quite beneficial during a transition period.

5. Medicare Premiums:

If you find yourself approaching retirement, you can utilize your HSA to help with Medicare premiums, covering costs associated with Part B, Part D, and even Medicare Advantage plans. This ensures you have ongoing healthcare coverage beyond retirement.

Understanding the IRS guidelines regarding HSA spending can help you maximize your benefits and minimize your out-of-pocket expenses.