What Expenses Can an HSA be Used for? Understanding HSA Eligible Expenses

A Health Savings Account (HSA) is a valuable tool for managing medical costs while saving for the future. But what exactly can you use your HSA funds for? Let's explore the various expenses that an HSA can cover:

1. Qualified Medical Expenses: The primary purpose of an HSA is to pay for qualified medical expenses. These include:

• Doctor visits
• Prescription medications
• Hospital stays
• Dental and vision care
• Mental health services
• Medical equipment

2. COBRA Premiums: If you are receiving unemployment benefits, you can use your HSA to pay for COBRA premiums.

3. Long-Term Care: HSA funds can be used to pay for long-term care services and health insurance for those over 65.

4. Medicare Premiums: HSA funds can also cover premiums for Medicare Part A, B, C, and D.

5. Alternative Therapies: Certain alternative therapies such as acupuncture and chiropractic care may be considered eligible expenses.

6. Transportation Costs: If you need to travel for medical care, expenses such as gas, parking, and public transportation may be covered.

7. Over-the-Counter Medications: Thanks to recent changes in legislation, you can now use your HSA for over-the-counter medications without a prescription.

Remember, it's essential to keep receipts and documentation of your expenses to ensure they qualify for HSA reimbursement.

A Health Savings Account (HSA) is an excellent way to tackle your healthcare costs while also building savings for the future. Learn about the many expenses your HSA can cover:

• Doctor visits, which can include routine check-ups and specialist consultations.
• Prescription medications, ensuring you have access to necessary drugs.
• Hospital stays, so you can focus on recovery without worrying about costs.
• Dental and vision care for comprehensive health management.
• Mental health services to support your emotional well-being.
• Medical equipment, from wheelchairs to diabetic supplies, ensuring you have what you need.