What Can You Use an HSA for? - A Comprehensive Guide

Health Savings Accounts (HSAs) are a valuable financial tool that can help individuals save money on healthcare expenses while also providing tax benefits. So, what can you use an HSA for?

1. Medical Expenses: HSAs can be used to pay for various medical expenses, including doctor visits, prescription medications, and medical procedures.

2. Dental and Vision Care: HSA funds can also be used for dental treatments, eye exams, glasses, contact lenses, and other vision-related expenses.

3. Over-the-Counter Medications: You can use your HSA to purchase over-the-counter medications such as pain relievers, allergy medications, and first aid supplies.

4. Mental Health Services: HSAs cover mental health services, including therapy sessions and counseling.

5. Alternative Treatments: Some alternative treatments like acupuncture and chiropractic care are also eligible expenses that can be paid for using HSA funds.

Aside from the above-mentioned uses, here are some additional things you can use an HSA for:

• Health insurance premiums (certain restrictions apply)
• Long-term care insurance premiums
• Certain COBRA continuation coverage premiums
• Medicare premiums (excluding Medigap)

By understanding the diverse ways in which you can use an HSA, you can make the most of this financial tool and take control of your healthcare expenses.

Health Savings Accounts (HSAs) are not only effective tools for saving money on healthcare expenses, but they also offer significant tax advantages that can make managing your health costs easier and more efficient.