What to Buy with HSA When Laid Off?

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Using an HSA after job loss

Being laid off can be a stressful time, but having a Health Savings Account (HSA) can provide some financial relief when it comes to healthcare expenses. While you may not be able to contribute to your HSA when you're not employed, you can still use the funds in your account for eligible medical expenses.

When you find yourself laid off, it’s essential to know that your Health Savings Account (HSA) can be a lifeline for managing healthcare costs. It's a comfort to know that while you may not be able to add funds, you can still access existing funds to cover necessary medical expenses.

Eligible HSA purchases during layoffs

Here are some things you can consider buying with your HSA when you're laid off:

• Prescription Medications: Use your HSA funds to purchase prescription drugs that are prescribed to you by a healthcare provider.
• Over-the-Counter (OTC) Medications: You can also buy eligible OTC medications using your HSA funds, as long as they are prescribed by a healthcare provider.
• Medical Supplies: Items like bandages, crutches, and other medical supplies can be purchased using your HSA funds.
• Doctor's Visits: If you need to see a doctor for a medical issue, you can use your HSA funds to pay for the visit.
• Dental Care: Dental expenses such as cleanings, fillings, and other treatments can be paid for with your HSA funds.

Keep documentation for HSA eligibility

Remember to keep all receipts and documentation for your purchases to ensure they are eligible medical expenses. While being laid off is a challenging time, having an HSA can help alleviate some of the financial burden when it comes to healthcare costs.