What Charges in Assisted Living are HSA Allowed?

As you navigate the world of assisted living, it's essential to understand what charges are allowable under your HSA (Health Savings Account). HSA accounts are a valuable tool for saving money on medical expenses, but what expenses related to assisted living can you use this saved money for?

Assisted living costs can be substantial, but the good news is that many of these expenses are HSA-eligible. Here's a list of charges in assisted living that are typically allowed under an HSA:

• Monthly rent for the resident
• Meal preparation and dining services
• Transportation services provided by the facility
• Personal care services, including assistance with activities of daily living
• Medication management
• Physical therapy, occupational therapy, or other medical services provided on-site
• Medical equipment or supplies used in the assisted living facility

It's important to note that the IRS has specific guidelines on what qualifies as an eligible medical expense under an HSA. Always consult with a tax professional or financial advisor to ensure you are using your HSA funds appropriately.

Understanding the allowances for HSA funds can significantly ease the financial burden of assisted living. Many residents may find relief knowing that various charges, such as monthly rent and personal care services, can be covered under their Health Savings Accounts.