What Do HSAs Cover? Everything You Need to Know

Health Savings Accounts (HSAs) are a valuable tool to help individuals save for medical expenses while enjoying tax advantages. But what exactly do HSAs cover? Let's explore the different healthcare costs that HSAs can help you with:

1. Qualified Medical Expenses: HSAs cover a wide range of medical expenses that are deemed as qualified by the IRS. These include:

• Doctor's visits
• Prescription medications
• Hospital stays
• Medical procedures
• Mental health services
• Dental care

2. Preventive Care: Many preventive care services are also covered by HSAs, such as:

• Annual check-ups
• Vaccinations
• Screenings for various conditions

3. Vision and Dental Care: HSAs can be used to cover expenses related to vision and dental care, including:

• Eye exams
• Glasses or contact lenses
• Dental cleanings
• Orthodontics

4. Alternative Treatments: Some alternative treatments like acupuncture or chiropractic care may also be covered by HSAs, depending on the circumstances.

It's important to note that not all medical expenses are eligible for HSA coverage. Expenses like cosmetic procedures, over-the-counter medications without a prescription, and health club memberships are typically not covered. Always check with your HSA provider or consult the IRS guidelines for a complete list of qualified medical expenses.

Health Savings Accounts (HSAs) are an incredible way to set aside money for medical expenses while benefiting from tax advantages. So, what's covered under HSAs? Let's delve deeper into the variety of healthcare costs that qualify:

1. Qualified Medical Expenses: HSAs can be used for numerous medical expenses recognized as qualified by the IRS, including:

• Doctor's visits
• Prescription medications
• Hospital stays
• Medical procedures
• Mental health services
• Dental care
• Laboratory fees

2. Preventive Care: Preventive services designed to help you avoid serious health issues are covered by HSAs, such as:

• Annual check-ups
• Vaccinations
• Screenings for high blood pressure and cholesterol

3. Vision and Dental Care: Your HSA can also help with vision and dental expenses, which may include:

• Eye exams
• Prescription glasses or contact lenses
• Dental cleanings and x-rays
• Orthodontic treatments like braces

4. Alternative Treatments: HSAs can potentially cover therapies like acupuncture and chiropractic care, provided they are prescribed by a qualified professional.

Remember, not every medical expense qualifies for HSA coverage. Expenditures for cosmetic procedures, over-the-counter medications not requiring a prescription, and gym memberships are generally excluded. It's always wise to double-check with your HSA provider or consult the IRS for complete eligibility details on qualified medical expenses.