What is Allowed Under BCBS HSA Accounts 2020?

If you have a Blue Cross Blue Shield (BCBS) Health Savings Account (HSA) for the year 2020, it's important to understand what expenses are allowed under this type of account. HSAs are a valuable tool that can help you save money on medical expenses while enjoying tax benefits. Here's what you need to know about what is allowed under BCBS HSA accounts for 2020.

Under BCBS HSA accounts for 2020, the following expenses are typically allowed:

• Medical services such as doctor's visits, hospital stays, surgeries, and other eligible medical treatments.
• Prescription medications and certain over-the-counter drugs with a doctor's prescription.
• Dental care including check-ups, cleanings, fillings, and braces.
• Eye care such as exams, glasses, contacts, and corrective eye surgery.
• Mental health services including therapy sessions and counseling.

It's important to keep in mind that not all medical expenses are eligible under BCBS HSA accounts. Some expenses that are not typically allowed include:

• Cosmetic procedures that are not medically necessary.
• Health club memberships or gym equipment.
• Non-prescription drugs and supplements.
• Elective procedures that are not for the treatment of a specific medical condition.
• Medical expenses incurred before the HSA was established.

Remember to keep detailed records and receipts of all expenses paid for with your HSA to ensure compliance with IRS regulations. By understanding what is allowed under BCBS HSA accounts for 2020, you can make the most of your HSA benefits while managing your healthcare costs effectively.

If you're a BCBS HSA account holder in 2020, understanding your account's eligible expenses can help you maximize your savings. It's vital to know that many routine medical expenses qualify for reimbursement.