What Can You Use HSA Money for in 2018? - A Comprehensive Guide

If you have a Health Savings Account (HSA), you may be wondering how you can utilize the funds in it. There are several ways to spend the money in your HSA, all of which can help you manage your healthcare expenses more effectively. Here is a breakdown of what you can use HSA money for in 2018:

Qualified Medical Expenses

The primary purpose of an HSA is to pay for qualified medical expenses. These expenses can include a wide range of medical services and products, such as doctor's visits, prescriptions, dental care, vision care, and more.

Over-the-Counter (OTC) Medications

Since the enactment of the CARES Act in 2020, HSA funds can also be used to purchase over-the-counter medications without a prescription. This includes common items like pain relievers, cold medicine, and first aid supplies.

Long-Term Care Services

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

COBRA Premiums

If you are receiving COBRA coverage, you can use your HSA funds to pay for the premiums. This can help you continue your healthcare coverage after leaving a job.

Medicare Premiums

HSA funds can also be used to pay for certain Medicare premiums, including Part A, Part B, and Part D premiums. This can help retirees manage their healthcare costs more effectively.

Alternative Therapies

Some alternative therapies, such as acupuncture and chiropractic care, may be eligible expenses that can be paid for using HSA funds. Be sure to check the IRS guidelines for specific details.

Dental and Vision Expenses

HSAs can be used to pay for a variety of dental and vision expenses, including exams, procedures, glasses, and contact lenses. This can help you maintain your oral and visual health without additional out-of-pocket expenses.

These are just a few examples of what you can use HSA money for in 2018. By utilizing your HSA funds wisely, you can effectively manage your healthcare expenses and save money in the long run.

If you have a Health Savings Account (HSA), understanding how to spend your HSA money can empower you to make better healthcare choices. There are numerous qualified medical expenses you can cover with your HSA funds, making it a valuable financial resource.

Qualified Medical Expenses

The main purpose of HSAs is to help you cover qualified medical expenses. You can spend HSA funds on a variety of medical services and products such as hospital visits, mental health services, and prescription medications.