What Expenses Can Be Covered by a Health Savings Account (HSA)?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while also enjoying tax benefits. One of the key advantages of an HSA is the flexibility it offers in covering a wide range of healthcare expenses. Here are some of the expenses that can be covered by a Health Savings Account:

• Doctor's visits and consultations
• Prescription medications
• Hospital and emergency room visits
• Dental care, including cleanings, fillings, and braces
• Vision care, such as eye exams, glasses, and contact lenses
• Mental health services, including therapy and counseling
• Medical equipment, like crutches or wheelchairs
• Alternative treatments, such as acupuncture or chiropractic care
• Over-the-counter medications and supplies

It's important to note that while these are common expenses covered by HSAs, there may be additional eligible expenses. Consulting with a tax advisor or reviewing the IRS guidelines can help ensure that you are using your HSA funds appropriately.

Health Savings Accounts (HSAs) are not only a smart way to plan for healthcare expenses, but they also offer the added benefit of tax savings. With an HSA, you can set aside pre-tax dollars to cover a wide array of medical expenses, ensuring your hard-earned money goes further.

• Routine doctor visits and specialist consultations
• Prescription medications and some over-the-counter drugs
• Inpatient and outpatient hospital services
• Preventive dental care, such as cleanings, fillings, and braces for children
• Comprehensive vision care, which includes exams, glasses, and contact lenses
• Mental health professionals, including psychologists and social workers
• Essential medical equipment like walkers and diabetes monitors
• Complementary therapies, including acupuncture and massage therapy
• Bandaids and other first aid supplies

Moreover, many health insurance plans allow HSAs to cover additional expenses, so making a point to review your specific plan can yield even greater benefits!