What Are Approved Purchases from HSA Accounts?

Health Savings Accounts (HSAs) provide a great way to save for medical expenses while enjoying tax benefits. One key question that many HSA holders have is what purchases are allowed with funds from their HSA accounts. Understanding what expenses are considered eligible can help you make the most of your account.

Here are some of the approved purchases from HSA accounts:

• Prescription medications
• Doctor visits and medical appointments
• Dental care including cleanings, fillings, and braces
• Eye exams, glasses, and contact lenses
• Medical equipment like wheelchairs or crutches
• Smoking cessation programs
• Mental health counseling and therapy
• Acupuncture and chiropractic services

It's important to note that not all medical expenses are eligible for HSA funds. Some expenses that are not considered qualified include cosmetic procedures, gym memberships, and over-the-counter medications (without a prescription).

By using your HSA funds for approved purchases, you can save money on your medical expenses and make the most of the benefits offered by your HSA account.

Health Savings Accounts (HSAs) are not just financial tools; they are a key to unlocking significant savings on your medical bills. Many HSA account holders wonder what qualified purchases they can make. To manage your health expenses more wisely, familiarize yourself with the eligible purchases you can make using your HSA funds.

Some approved purchases include:

• Costs associated with prescription medications, which can help you stay healthy without breaking the bank.
• Visits to your doctor for check-ups, ensuring that you keep track of your health.
• Dental expenses such as cleanings or braces, making it easier to maintain a healthy smile.
• Comprehensive vision care that encompasses eye exams and purchasing glasses or contact lenses.
• Medical equipment necessary for recovery, such as crutches or wheelchairs.
• Investing in smoking cessation programs to help quit for good.
• Mental health services, including counseling and therapy sessions that promote overall well-being.
• Alternative treatments like acupuncture and chiropractic care that may relieve pain or enhance wellness.

However, be cautious as not all medical expenses qualify for HSA funds. Items such as cosmetic treatments, gym memberships, and over-the-counter drugs (unless prescribed) are not eligible. Utilizing your HSA correctly can significantly lower your out-of-pocket medical expenses, making it one of the most advantageous financial decisions you can make.