What is covered in my HSA?

Health Savings Accounts (HSAs) are a valuable tool for individuals to save for medical expenses tax-free. Understanding what is covered in your HSA can help you make the most of this benefit. Here are some key points to know:

Covered Expenses:

• Doctor visits
• Prescription medications
• Hospital stays
• Lab tests
• Mental health services
• Dental and vision care

It's important to note that not all medical expenses are covered by an HSA. Non-eligible expenses include cosmetic procedures, vitamin supplements, and over-the-counter medications without a prescription.

Be sure to check with your HSA provider or refer to the IRS guidelines for a comprehensive list of covered expenses.

Health Savings Accounts (HSAs) serve as a smart and effective way to set aside money for your medical expenses, all while enjoying tax-free benefits. Understanding the scope of what your HSA covers is crucial for maximizing this advantageous financial tool. Here’s a breakdown of some essential covered expenses:

• Routine doctor visits
• Prescription medications that are medically necessary
• Hospital stays requiring admission
• Laboratory tests and diagnostics
• Mental health services, including therapy
• Dental and vision care, such as eye exams and cleanings

Please keep in mind that some expenses are not eligible for HSA reimbursement. Exclusions typically include cosmetic surgeries, vitamin and dietary supplements, and most over-the-counter medications unless prescribed by a doctor. Always double-check with your HSA provider or the IRS for updates on covered expenses.