What expenses can be paid with an HSA? A comprehensive guide

Health Savings Accounts (HSAs) are a valuable tool that can help you save for medical expenses tax-free. One of the common questions that users have is what expenses can be paid with an HSA. Let's dive into the details:

Here is a list of expenses that can be paid with an HSA:

• Doctor's visits and consultations
• Prescription medications
• Medical procedures and surgeries
• Dental treatments
• Vision care, including eyeglasses and contact lenses
• Mental health services
• Physical therapy
• Chiropractic care
• Acupuncture
• Medical equipment, like crutches or hearing aids

Additionally, HSAs can be used to cover medical expenses for you, your spouse, and any dependents you claim on your tax return.

It's important to keep in mind that not all health-related expenses are eligible for HSA reimbursement. Here are some expenses that generally cannot be paid with an HSA:

• Over-the-counter medications (unless prescribed by a doctor)
• Health club dues or gym memberships
• Cosmetic procedures
• Non-prescription glasses or contact lenses
• General health and wellness products

Remember to keep receipts and documentation of all expenses paid with your HSA funds to ensure compliance with IRS regulations.

Health Savings Accounts (HSAs) are not only a great way to save for future medical expenses but also to enjoy tax benefits, making them an effective choice for managing your healthcare costs. Understanding what expenses you can cover will help you maximize these advantages.