What Can You Use Your HSA For? A Comprehensive Guide

Health Savings Accounts (HSAs) provide a convenient way to save for medical expenses while enjoying tax benefits. Many people, however, are not fully aware of what they can use their HSA funds for. Understanding the range of eligible expenses can help you maximize the benefits of your HSA. So, what can you use your HSA for?

Here are some common eligible expenses:

• Doctor's visits
• Prescription medications
• Dental treatments
• Eye examinations and glasses or contact lenses
• Laboratory fees
• Medical equipment such as wheelchairs or crutches
• Mental health counseling

In addition to these traditional medical expenses, there are some surprising items that you can use your HSA funds to pay for:

• Acupuncture
• Chiropractic care
• Smoking cessation programs
• Weight loss programs for diagnosed conditions

Furthermore, if you are over 65, you can use your HSA funds for non-medical expenses without penalty, although you will pay income tax on the withdrawal.

It's important to keep track of your expenses and save your receipts in case of an audit. This will help you prove that your withdrawals were used for eligible expenses.

By understanding all the ways you can use your HSA funds, you can make the most of this valuable savings tool and take control of your healthcare costs.

Health Savings Accounts (HSAs) are a fantastic way to manage your healthcare expenses, allowing you to use your funds for a wide range of medical care, from routine check-ups to necessary medications. The versatility of HSAs ensures you're covered when it matters most.