What is Covered Under HSA 2020?

Health Savings Accounts (HSAs) are designed to help individuals save for medical expenses tax-free. Many people wonder what expenses are covered under HSA in 2020. Here is a comprehensive list of what you can use your HSA funds for:

Common Covered Expenses:

• Doctor's visits and copays
• Prescription medications
• Medical tests and screenings
• Dental treatments
• Eye exams and glasses
• Chiropractic care

Other Covered Expenses:

• Acupuncture
• Physical therapy
• Pregnancy tests and prenatal care
• Smoking cessation programs
• Weight-loss programs for specific diseases

It's important to keep track of receipts and documentation for all HSA expenses to stay compliant with IRS regulations. If you use your HSA funds for non-qualified expenses, you may incur penalties.

Health Savings Accounts (HSAs) allow individuals to contribute pre-tax dollars to save for qualified medical expenses. In 2020, understanding what expenses can be covered by your HSA is vital for maximizing your healthcare savings.

Common Covered Expenses:

• Regular doctor's visits and co-payments are fully covered, making healthcare more accessible.
• All prescription medications are eligible, helping you manage your health without added costs.
• Medical tests and screenings, from blood tests to MRIs, are covered under the HSA guidelines.
• Dental treatments like cleanings, fillings, and even braces can be paid with HSA funds.
• Eye exams and prescribed glasses or contact lenses are eligible expenses as well, promoting better vision care.
• Chiropractic care is included as part of HSA-eligible healthcare, aiding those who seek relief from back pain.

Other Covered Expenses:

• Acupuncture treatments are recognized, providing alternative pain management options.
• Physical therapy sessions can be funded through your HSA, ensuring recovery after surgeries or injuries.
• Expenses like pregnancy tests and prenatal care can be covered to support expectant mothers.
• Smoking cessation programs are eligible, assisting individuals in leading healthier lives.
• Weight-loss programs prescribed for specific diseases, such as obesity or diabetes, are HSA qualified.

Always remember to save your receipts and documentation for every HSA transaction to comply with IRS regulations. Failure to do so when using HSA funds for non-qualified expenses may result in unwanted penalties.