Who can I spend my HSA dollars on?

When it comes to using your Health Savings Account (HSA) funds, you might wonder who exactly you can spend them on. HSA funds can be used for a variety of medical expenses for yourself, family members, and even certain non-dependents. Here's a breakdown of who you can spend your HSA dollars on:

• Yourself: You can use your HSA funds to pay for qualified medical expenses that are not covered by your insurance plan.
• Spouse: You can also use your HSA funds to cover eligible medical expenses for your spouse.
• Children: HSA funds can be used for the medical expenses of your children, including adopted children and stepchildren.
• Qualified Dependents: You can use your HSA funds for the medical expenses of your dependents who are claimed on your tax return.
• Non-dependents: In certain cases, you can use your HSA funds for non-dependent individuals, such as adult children, as long as they meet the IRS criteria for eligibility.

It's important to keep in mind that HSA funds cannot be used for non-medical expenses without incurring penalties. Make sure to keep appropriate documentation of your expenses when using your HSA funds to ensure compliance with IRS regulations.

When considering how to utilize your Health Savings Account (HSA), it's essential to know the variety of individuals who can benefit from your HSA funds. You can use these funds for yourself for any qualified medical expenses not covered by your insurance, ensuring your health is paramount.