What Expenses Can You Use an HSA for in 2020?

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Common HSA-eligible healthcare expenses

Health Savings Accounts (HSAs) are a powerful tool that can help you save money on healthcare expenses. In 2020, HSAs can be used for a wide range of healthcare-related costs. Here are some common expenses you can use your HSA for:

• Doctor Visits: Including primary care physician, specialists, and urgent care visits.
• Prescriptions: Both over-the-counter and prescription medications are eligible.
• Dental Care: Such as cleanings, fillings, braces, and even orthodontia.
• Vision Care: Including eye exams, glasses, contact lenses, and LASIK surgery.
• Mental Health: Therapy sessions, counseling, and psychiatric treatment.
• Medical Supplies: Such as bandages, crutches, and testing supplies.
• Preventive Care: Screenings, vaccines, and annual check-ups.

Limitations on HSA-covered expenses

It's important to note that not all healthcare expenses are eligible for HSA use. Cosmetic procedures, non-prescription drugs, and health club memberships, for example, are typically not covered by HSAs. Be sure to check with your HSA provider or IRS guidelines for specific details.

While HSAs cover many healthcare expenditures, keep in mind that they don't cover everything. Cosmetic procedures, gym memberships, and most non-prescription drugs are often not eligible expenses. Always verify with your HSA provider or consult IRS guidelines for the most accurate and specific information.

More examples of HSA-qualified costs

Health Savings Accounts (HSAs) are an incredibly useful financial tool, providing a unique way to save on out-of-pocket healthcare costs. In 2020, a wide variety of expenses can be covered using your HSA. Here’s a closer look at some common expenses you can tap into:

• Doctor Visits: Whether it's your regular doctor, a specialist, or a trip to urgent care, these visits are HSA eligible.
• Prescriptions: Both over-the-counter medications and prescriptions prescribed by a doctor can be purchased with HSA funds.
• Dental Care: HSAs can be used for a range of dental services, including routine cleanings, fillings, braces, and other orthodontic treatments.
• Vision Care: Expenses for eye exams, glasses, contact lenses, and even LASIK eye surgery are all eligible for HSA use.
• Mental Health: Therapy sessions, counseling, and psychiatric services can all be covered with your HSA.
• Medical Supplies: Essential items like bandages, crutches, and diabetic testing supplies qualify for HSA reimbursement.
• Preventive Care: Services like vaccinations, screenings, and annual health check-ups may also be paid with HSA funds.