What Expenses Are Covered by an HSA?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses, offering tax advantages and flexibility. Understanding what expenses are covered by an HSA is essential for making the most of this benefit. Here are the expenses that are typically covered by an HSA:

• Medical Services: Doctor visits, surgeries, lab tests, and other medical procedures are usually covered.
• Prescription Medications: Both prescribed and over-the-counter medications are eligible expenses.
• Medical Equipment: Items like wheelchairs, crutches, and blood pressure monitors can be purchased using HSA funds.
• Dental Care: Routine check-ups, cleanings, fillings, and other dental treatments are covered.
• Vision Care: Eye exams, glasses, contact lenses, and even laser eye surgery are usually eligible expenses.
• Mental Health Services: Therapy sessions, counseling, and treatment for mental health conditions are covered by an HSA.
• Long-Term Care: Qualified long-term care services and premiums for long-term care insurance may be paid using HSA funds.

It's important to note that not all medical expenses are covered by an HSA. Non-eligible expenses include cosmetic procedures, vitamins, and supplements that are not prescribed by a healthcare provider. In some cases, even certain over-the-counter items may not be eligible for HSA reimbursement.

Health Savings Accounts (HSAs) are designed to help you save for qualified medical expenses while offering tax advantages. It's crucial to know what expenses are eligible for coverage through your HSA, as this can significantly affect your healthcare budgeting.

• Medical Services: Expenses like doctor appointments, surgeries, and diagnostic imaging tests are generally eligible.
• Prescription Medications: HSA funds can cover both prescription medications and many over-the-counter drugs, making them a versatile option.
• Medical Equipment: Devices necessary for healthcare, such as orthopedic devices and glucose monitors, can also be funded with your HSA.
• Dental Care: Comprehensive dental expenses like cleanings, fillings, and orthodontics qualify, helping you maintain your oral health.
• Vision Care: Coverage extends to eye-related expenses including prescriptions for glasses, contact lenses, and LASIK surgeries.
• Mental Health Services: HSA funds can cover therapy, psychiatric services, and medication management for mental health issues.
• Long-Term Care: You can also use HSA funds to pay for eligible long-term care services or premiums, providing financial support as you age.

While HSAs are flexible, be aware that certain expenses like cosmetic surgeries and non-prescription vitamins are not eligible. Check with your provider to maximize your HSA’s potential.