What Can I Spend My HSA On? A Comprehensive Guide to HSA Expenses

Health Savings Accounts (HSAs) offer a tax-advantaged way to save for medical expenses. One common question people have is what exactly can they spend their HSA funds on. Here's a comprehensive guide to help you understand the eligible expenses:

Eligible HSA Expenses:

• Doctor visits and copays
• Prescription medications
• Dental care, including cleanings, fillings, and braces
• Eye care, such as exams, glasses, and contacts
• Mental health services
• Chiropractic care
• Physical therapy
• Medical equipment like crutches, wheelchairs, and hearing aids
• Some over-the-counter medications with a prescription

Additional Tips:

• Keep receipts for all HSA expenses in case of an audit
• Check with your HSA provider for a list of eligible expenses
• Remember that using HSA funds for non-eligible expenses may incur taxes and penalties
• HSAs can also be used for qualified long-term care insurance premiums

By understanding what you can spend your HSA on, you can maximize the benefits of this valuable savings tool for healthcare costs.

Health Savings Accounts (HSAs) are a fantastic way to save for those unexpected medical costs, allowing you to set aside pre-tax money. But do you know what expenses can be covered with HSA funds? This guide will clarify everything you need to know about eligible HSA expenses.

Eligible HSA Expenses:

• Regular check-ups and necessary copays
• Prescription and over-the-counter medications, provided you have a prescription
• Dental services such as routine cleanings, fillings, and orthodontic work
• Eye care expenses including routine exams, glasses, and contact lenses
• Mental health services from licensed professionals
• Chiropractic services designed to alleviate musculoskeletal issues
• Physical therapy sessions to aid recovery
• Medical devices like crutches, wheelchairs, or even hearing aids
• Some over-the-counter treatments with doctor prescriptions

Additional Tips:

• It's crucial to keep accurate receipts of all HSA-related expenses in case of an audit
• Don't hesitate to check in with your HSA provider for a definitive list of eligible expenses
• Using HSA funds for items that aren't qualified could lead to taxes and penalties, so be careful
• HSAs can also be used for paying qualified premiums for long-term care insurance

Understanding your HSA spending options helps you make the most of your savings and provides peace of mind when it comes to health-related costs.