What Items Can Be Purchased with an HSA Account? - A Complete Guide

Health Savings Accounts (HSAs) are a great way to save money for medical expenses while lowering your taxable income. One common question people have about HSAs is what items can be purchased with them. Here we provide a complete guide to help you understand what you can use your HSA funds for.

With an HSA account, you can purchase a wide range of medical expenses, including but not limited to:

• Prescription medications
• Doctor's office visits
• Dental care, including cleanings, fillings, and braces
• Eye exams, glasses, and contact lenses
• Orthodontia
• Hearing aids and batteries
• Mental health services
• Chiropractic care
• Acupuncture
• Physical therapy
• Over-the-counter medications
• Medical equipment like wheelchairs, walkers, and crutches

It's important to keep in mind that not all health-related expenses are eligible for HSA funds. Non-qualified purchases include items like gym memberships, cosmetic procedures, and over-the-counter vitamins or supplements unless prescribed by a doctor.

When using your HSA funds, it's a good idea to keep all receipts and documentation in case of an audit by the IRS. Be sure to check with your HSA provider or consult IRS Publication 502 for a complete list of eligible medical expenses.

By utilizing your HSA account wisely, you can save money on medical costs and secure your financial future. Start maximizing your HSA benefits today!

Health Savings Accounts (HSAs) not only help you save on medical expenses but also allow you to make informed decisions about your healthcare. One frequently asked question is regarding eligible purchases using your HSA funds. This comprehensive guide will break down what you can buy with your HSA account.

With an HSA account, you are allowed to cover a vast array of medical necessities, such as:

• Prescription medications that are essential for ongoing health management
• Office visits to healthcare providers for routine check-ups or consultations
• Dental services including preventative care like cleanings and necessary treatments like fillings and braces
• Eye examinations along with glasses and contact lenses that are crucial for vision
• Expenses related to orthodontics for children or adults
• Cost of hearing aids and their batteries, ensuring you stay connected
• Mental health services including therapy sessions that promote well-being
• Chiropractic sessions aimed at back and neck issues
• Acupuncture treatments that can alleviate pain and promote healing
• Physical therapy sessions needed post-surgery or injury
• Over-the-counter medications for common ailments, making life more comfortable
• Medical equipment such as wheelchairs, crutches, or walkers that aid mobility

However, be cautious that not all health-related expenses qualify for HSA funds. Non-qualified purchases typically include gym memberships for fitness or cosmetic surgeries unless they are medically necessary, along with over-the-counter vitamins or supplements without a doctor’s prescription.

As you manage your HSA funds, remember to keep all related receipts and documentation to be prepared for any IRS audits. For a full list of eligible expenses, reviewing IRS Publication 502 can be beneficial.

Utilizing your HSA account strategically can lead to substantial savings on medical costs while providing peace of mind about your health expenses. Begin making the most of your HSA benefits today!