What's Covered by an HSA? Everything You Need to Know

When it comes to Health Savings Accounts (HSAs), understanding what is covered can help you make the most out of your account. HSAs are a great way to save for medical expenses while enjoying tax benefits. Let's take a look at what you can use your HSA for:

- Doctor's visits

- Prescription medications

- Dental care

- Vision care, including glasses and contact lenses

- Mental health services

- Chiropractic care

- Acupuncture

It's important to note that not all medical expenses are covered by an HSA. Cosmetic procedures, over-the-counter medications without a prescription, and health club dues are examples of expenses that are not eligible. However, with a wide range of services covered, an HSA can help you save money on essential healthcare needs.

Understanding what's covered by a Health Savings Account (HSA) is crucial for maximizing your healthcare savings. HSAs are designed to help individuals save for a wide array of qualified medical expenses while receiving significant tax advantages. Here's a detailed look at the services you can fund with your HSA:

- Visits to your doctor and specialist consultations are fully covered.

- Purchasing prescription medications can also be paid for using your HSA funds.

- Dental procedures, including cleanings, fillings, and braces, are eligible for HSA expenditure.

- Vision expenses such as eye exams, glasses, and contact lenses are also allowed under HSA rules.

- Mental health services, including therapy sessions and psychiatric care, can be funded with HSA money.

- Chiropractic sessions and acupuncture treatments are also qualified expenses.

While HSAs empower individuals to save on critical health care needs, it’s important to be aware that certain costs, like cosmetic surgery, non-prescription medications, and fitness club memberships, aren’t eligible. Make the most of your HSA to ease your financial burden on necessary healthcare services.