What Expenses are Eligible for HSA? A Comprehensive Guide

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs while saving for the future. One important aspect of an HSA is understanding what expenses are eligible for HSA funds. Let's delve into the details to give you a clear picture of what you can use your HSA for.

Eligible expenses for HSA funds include:

• Medical services such as doctor visits, surgeries, and diagnostic tests
• Prescription medications
• Medical equipment such as crutches, wheelchairs, and blood pressure monitors
• Dental care including cleanings, fillings, and braces
• Vision care like eye exams, glasses, and contact lenses
• Mental health services including therapy and counseling
• Chiropractic care
• Acupuncture

It's essential to keep receipts and documentation for all HSA expenses to ensure compliance with IRS regulations. Non-eligible expenses may incur penalties, so it's crucial to use your HSA funds wisely.

Health Savings Accounts (HSAs) can play a significant role in managing your healthcare expenses effectively. Understanding the eligible HSA expenses is crucial to making the most of your savings. Here's a closer look at what you can use your HSA funds for:

• Medical services such as routine doctor visits, surgeries, diagnostic tests, and even procedures like acupuncture.
• Prescription medications that you’ve purchased at your local pharmacy are also covered by your HSA.
• Medical equipment such as crutches, wheelchairs, bandages, and any necessary equipment that aids in recovery is eligible too.
• A broad range of dental services, including cleanings, fillings, orthodontics, and X-rays, can be paid for using HSA funds.
• Vision care expenses, like annual eye exams, prescription glasses, and contact lenses, are fully eligible for HSA reimbursement.
• Mental health services are also included; you can use your HSA for therapy sessions, counseling, and other mental health treatments.
• Chiropractic care, which is often required for pain management, qualifies under eligible expenses.
• Alternative therapies such as acupuncture could further enhance your wellness and can be paid for using HSA funds.

Keep in mind that your receipts and documentation will be of utmost importance, as retaining them protects you against potential IRS penalties related to non-eligible expenses.