What to Spend HSA Money On? A Comprehensive Guide

Health Savings Accounts (HSAs) are a useful tool for saving money on healthcare expenses, but many people are unsure about what they can spend their HSA funds on. To make the most of your HSA, it's important to understand what expenses are eligible for reimbursement. Here is a comprehensive guide on what you can spend your HSA money on:

Qualified Medical Expenses:

HSAs can be used to pay for a wide range of medical expenses for you, your spouse, and any dependents you claim on your tax return. Here are some common eligible expenses:

• Doctor's visits
• Prescriptions
• Dental care
• Vision care
• Hearing aids

Over-the-Counter (OTC) Medications:

HSAs now allow for the purchase of over-the-counter medications without a prescription. This includes items like pain relievers, allergy medication, and cold remedies.

Medical Supplies:

You can use your HSA funds to purchase a variety of medical supplies, such as bandages, crutches, and blood sugar test kits.

Long-Term Care Services:

HSAs can be used to pay for long-term care services for yourself, your spouse, or any dependents. This includes expenses related to nursing homes, assisted living facilities, and home healthcare.

Health Insurance Premiums:

You can also use your HSA funds to pay for health insurance premiums, including COBRA coverage, Medicare Part B premiums, and certain continuing coverage plans.

Now that you know what you can spend HSA money on, be sure to keep receipts and records of your expenses to avoid any issues with the IRS. By using your HSA wisely, you can save money on healthcare costs and secure your financial future.

Health Savings Accounts (HSAs) are an incredible resource that not only help you save money on healthcare expenses but also empower you to take control of your health costs. Knowing what you can spend your HSA funds on is crucial for maximizing these benefits.

Qualified Medical Expenses:

With HSAs, you're eligible to reimburse a plethora of medical expenses for yourself, your spouse, and dependents. Common eligible expenses include:

• Doctor's appointments, ensuring regular check-ups for you and your family.
• Prescription medications that can ease ailments and improve quality of life.
• Dental care such as cleanings and braces, which are vital for oral health.
• Vision care expenses, including glasses and eye exams that help you see the world clearly.
• Hearing aids, essential for maintaining communication and connection with loved ones.