What Medical Expenses Can I Pay with My HSA?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs while providing significant tax benefits. One common question that many HSA account holders have is, what medical expenses can I pay with my HSA?

With an HSA, you can pay for a wide range of medical expenses, including:

• Doctor's visits
• Prescription medications
• Hospital bills
• Dental treatment
• Eye care (including glasses and contact lenses)
• Mental health services
• Physical therapy
• And much more!

It's important to note that not all medical expenses are eligible for payment with your HSA funds. To ensure that you are using your HSA correctly and in compliance with IRS regulations, it's essential to understand what qualifies as a qualified medical expense.

Some expenses that are not eligible for payment with your HSA include:

• Cosmetic procedures (unless medically necessary)
• Over-the-counter medications (without a prescription)
• Health club memberships
• Non-prescription eyewear (like sunglasses)

By familiarizing yourself with what medical expenses you can pay with your HSA, you can make the most of this powerful financial tool. Remember that keeping detailed records of your HSA expenses is crucial for tax purposes and to avoid any penalties.

Did you know that Health Savings Accounts (HSAs) not only offer tax advantages but also empower you to manage your healthcare finances effectively? When considering what medical expenses you can pay with your HSA, you’ll be pleased to find out that your funds can cover a broad spectrum of needs.

Eligible expenses include:

• Regular check-ups with your physician
• Medications prescribed by your doctor
• Emergency room charges
• Orthodontics and dental procedures
• Vision care including corrective lenses
• Psychological therapy sessions
• Rehabilitation services
• And so much more!

However, not everything qualifies for HSA spending. Be cautious about what you use your savings for! Certain services, which include:

• Aesthetic surgeries unless necessary for health
• Over-the-counter drugs prior to 2020 require a prescription
• Gym memberships
• Items like regular sunglasses

Being educated about qualified medical expenses will enable you to utilize your HSA fully and achieve substantial savings.