What Counts on HSA: Understanding the Eligible Expenses

Health Savings Accounts (HSAs) are a valuable tool for saving money on healthcare expenses, but it's essential to know what expenses you can use your HSA funds for. So, what exactly counts on an HSA? Let's dive in!

Here are some of the expenses that count on an HSA:

• Medical services (doctor's visits, surgeries, etc.)
• Prescription medications
• Dental care (cleanings, fillings, braces, etc.)
• Vision care (eye exams, glasses, contacts, etc.)
• Mental health services (therapy, counseling, etc.)
• Over-the-counter medications (with a prescription)
• Medical equipment (crutches, wheelchairs, etc.)
• Long-term care services

These expenses are considered eligible for HSA funds as long as they are for the account holder, their spouse, or dependents. However, there are some expenses that do not count as eligible, such as cosmetic procedures or general health products.

It's important to keep track of your expenses and save your receipts in case of an audit. Remember that using your HSA for non-eligible expenses may result in penalties, so always check the IRS guidelines or consult with a financial advisor if you're unsure.

Health Savings Accounts (HSAs) are fantastic vehicles for stash away cash to cover your healthcare costs, but a crucial aspect is knowing what counts as an eligible expense. So, what can you spend your HSA funds on? Let’s explore!

Here’s a list of eligible expenses for your HSA:

• Doctor's visits and other medical services
• Prescription drugs that you need
• Dental expenses (like cleanings, fillings, and orthodontics)
• Vision care, including eye exams and glasses
• Mental health services, including therapy
• Over-the-counter medications, provided you have a prescription
• Medical equipment, like crutches or wheelchairs
• Long-term care services

Keep in mind that these expenses are valid for you, your spouse, or any dependents. Certain expenses, such as cosmetic surgeries or general health supplements, don’t qualify, so it's essential to be aware!

Stay organized with your receipts and documentation; you don’t want a headache during tax season or an audit. Using HSA funds for non-eligible items can lead to penalties, so always consult the IRS guidelines or get advice from a financial professional if you’re in doubt.