When Can I Use My HSA for 2019? Everything You Need to Know

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Qualified medical expenses and tax-free rules

If you have a Health Savings Account (HSA), you may be wondering when you can use it for the year 2019. An HSA is a valuable financial tool that allows you to save money tax-free for medical expenses. Here's everything you need to know about using your HSA in 2019:

1. Qualifying Medical Expenses:

• You can use your HSA funds to pay for qualified medical expenses such as doctor's visits, prescriptions, dental care, vision care, and more.
• For a complete list of eligible expenses, you can refer to IRS Publication 502.

4. Tax Implications:

• Using your HSA funds for qualified medical expenses is tax-free.
• If you use your HSA funds for non-qualified expenses, you may be subject to income tax and a 20% penalty.

Timing, records, and reimbursement details

2. Timing of Expenses:

• You can use your HSA funds to pay for eligible expenses incurred on or after the date you opened your account.
• There is no time limit on when you have to reimburse yourself for an expense, as long as it was incurred after you opened the account.

3. Keeping Records:

• It's important to keep detailed records of your medical expenses and HSA withdrawals for tax purposes.
• You may need to provide documentation to the IRS if your HSA is audited.

2019 contribution limits and rollover reminder

5. Contribution Limits:

• For 2019, the maximum HSA contribution limits are $3,500 for individuals and $7,000 for families.
• If you are 55 or older, you can contribute an additional $1,000 as a catch-up contribution.

Remember, your HSA funds roll over from year to year, so any unused funds in 2019 will still be available for future medical expenses. Make the most of your HSA by using it wisely and planning ahead for your healthcare needs.

Curious about when to utilize your Health Savings Account (HSA) for 2019? Rest assured, your HSA is an excellent way to earmark funds for tax-free medical expenses, so let's break down exactly how and when you can use it.