What Can You Use HSA to Pay For? - A Comprehensive Guide

Health Savings Accounts (HSAs) are a powerful financial tool that can help you save money on eligible medical expenses. But what exactly can you use your HSA funds for? Let's dive into the details.

Here are some common expenses you can pay for using your HSA:

• Doctor visits and consultations
• Prescription medications
• Dental care, including cleanings, fillings, and orthodontia
• Eye exams, glasses, and contact lenses
• Mental health services
• Medical equipment such as crutches or wheelchairs
• Lab work and diagnostic services
• Physical therapy

Additionally, HSAs can be used for some non-medical expenses:

• Health insurance premiums if you're unemployed
• Long-term care insurance premiums
• Certain COBRA continuation coverage
• Medicare premiums (except for Medigap)

It's important to note that expenses not considered qualified medical expenses may incur taxes and penalties if paid for using HSA funds. Always consult with a tax professional or financial advisor if you're unsure about a particular expense.

Health Savings Accounts (HSAs) are not just for your routine check-ups; they can significantly reduce your out-of-pocket medical expenses by allowing you to pay for a variety of qualified expenses directly from your account without additional tax implications.