What is Covered Under HSA Accounts?

Health Savings Accounts (HSAs) are a beneficial tool for managing healthcare expenses while saving money on taxes. But what exactly is covered under HSA accounts? Let's break it down.

HSAs typically cover a wide range of medical expenses, including:

• Doctor's visits
• Prescriptions
• Dental care
• Vision care
• Medical equipment
• Mental health services
• And more

It's important to note that not all medical expenses are eligible for HSA coverage. To help you navigate what is and isn't covered, here are some key points to keep in mind:

• HSAs do not cover elective cosmetic procedures
• Health insurance premiums are generally not covered by HSAs
• Over-the-counter medications require a prescription for HSA coverage

Overall, HSA accounts are a valuable resource for managing healthcare costs, providing flexibility and tax advantages for account holders. Knowing what is covered under HSA accounts can help you make the most of this financial tool.

Health Savings Accounts (HSAs) offer an excellent way to manage healthcare expenses while enjoying significant tax benefits. But what medical expenses can you actually pay for using an HSA? Let’s clarify what’s included under HSA accounts.

HSAs cover a broad spectrum of medical expenses, such as:

• Routine doctor's visits
• Prescription medications
• Dental services, like cleanings and fillings
• Vision care, including eye exams and glasses
• Durable medical equipment such as crutches and wheelchairs
• Mental health services, including therapy sessions
• And many other medical necessities

However, it’s essential to understand that not every expense qualifies for HSA reimbursement. Here are some important exclusions:

• Elective cosmetic procedures are not covered by HSAs
• Typically, health insurance premiums are not eligible for HSA payments
• Even over-the-counter medications require a prescription to be eligible for HSA funds

Taking advantage of an HSA can provide you with the flexibility to manage your healthcare costs while also benefiting from tax savings. Understanding what is and isn't covered can help you maximize the potential of your HSA.