What Does HSA Cover 2019? - All You Need to Know

When it comes to healthcare expenses, having a Health Savings Account (HSA) can be a game-changer. An HSA is a tax-advantaged savings account available to individuals with high-deductible health plans, allowing them to save money for medical expenses and reduce their taxable income. But what exactly does an HSA cover in 2019? Let's delve into the details.

HSA Coverage in 2019

HSAs cover a wide range of healthcare expenses, including:

• Doctor's visits
• Prescription medications
• Hospital stays
• Lab tests
• Dental and vision care

Moreover, in 2019, the list of expenses covered by HSAs expanded to include certain over-the-counter medications and feminine hygiene products. This means that individuals can use their HSA funds to pay for these items without needing a prescription.

Benefits of Using an HSA

Using an HSA to cover healthcare expenses has several advantages, such as:

• Triple tax savings (tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses)
• Ability to roll over unused funds year after year
• Portability (the account stays with you even if you change jobs or health plans)

How to Maximize Your HSA

To make the most of your HSA in 2019, consider the following tips:

• Contribute the maximum allowed amount ($3,500 for individuals or $7,000 for families in 2019)
• Shop around for healthcare services and medications to get the best value for your money
• Keep receipts of all healthcare expenses paid using your HSA funds for documentation purposes

By understanding what an HSA covers in 2019 and how to optimize its benefits, you can take control of your healthcare costs and save money in the process.

When it comes to managing healthcare costs, understanding the full potential of your Health Savings Account (HSA) is crucial. In addition to covering basic medical expenses, HSAs offer added flexibility and savings benefits that can significantly positively impact your financial health, especially in 2019.