What Can You Use Your Healthcare HSA For? - Exploring the Possibilities

Health Savings Accounts (HSAs) are a valuable tool that can help you save money for medical expenses while reducing your taxable income. But what exactly can you use your HSA for?

Here are some common expenses that you can use your Healthcare HSA for:

• Doctor's visits and copays
• Prescription medications
• Dental care, including cleanings, fillings, and braces
• Eye care, such as exams, glasses, and contact lenses
• Mental health services, including therapy sessions
• Medical equipment and supplies, like crutches or blood pressure monitors
• Specialized treatments, such as chiropractic care or acupuncture

Additionally, you can use your HSA funds for some non-medical expenses as well, though these may incur taxes and penalties:

• Health insurance premiums while receiving unemployment benefits
• Long-term care insurance premiums
• Certain COBRA coverage premiums
• Medicare premiums (excluding Medigap)
• Qualified medical expenses for a spouse or dependent

It's important to keep track of what you use your HSA for and to save your receipts in case of an audit. By understanding the wide range of eligible expenses, you can make the most of your HSA and better manage your healthcare costs.

Health Savings Accounts (HSAs) not only allow you to save money for medical expenses but also facilitate tax savings that can enhance your overall financial health. Using your HSA wisely can set you up for more secure healthcare financing in the future.