What is Covered in My HSA RISD?

If you have a Health Savings Account (HSA), you might be wondering what expenses are covered under this account. An HSA is a beneficial tool that allows you to save money for qualified medical expenses while enjoying tax advantages. Let's dive into what is typically covered in your HSA.

Health savings accounts can be used to pay for various medical expenses, including:

• Doctor's visits
• Prescriptions
• Medical procedures
• Dental care
• Vision care
• Mental health services
• Medical equipment and supplies

It's important to note that not all medical expenses are eligible for HSA reimbursement. Expenses that are not considered qualified medical expenses include:

• Cosmetic procedures
• Over-the-counter medications (without a prescription)
• Health club memberships
• Non-prescription vitamins
• Medical expenses incurred before opening the HSA

It's essential to keep detailed records of your medical expenses and consult IRS guidelines to ensure you are using your HSA funds appropriately.

When managing your Health Savings Account (HSA), it's crucial to understand the breadth of coverage for medical expenses. Your HSA can significantly alleviate the burden of healthcare costs, especially when it comes to qualified medical expenses. Let's explore what you can cover with your HSA.

Typically, HSAs can be utilized for various medical expenditures like:

• Routine doctor's consultations
• Prescription medications
• Necessary medical procedures and surgeries
• Dental services such as cleanings and fillings
• Vision care, which may include eye exams and glasses
• Mental health services, including therapy and counseling
• Durable medical equipment such as crutches or wheelchairs

However, not all expenses fit this category. Exclusions from HSA reimbursement typically comprise:

• Cosmetic surgeries and treatments
• Over-the-counter medications that are not prescribed
• Gym memberships or health club fees
• Non-prescription vitamins and supplements
• Any medical expenses accrued prior to establishing your HSA

Maintaining accurate records of your spending and regularly checking IRS regulations is key to optimizing your HSA benefits and avoiding any pitfalls.