Who Can Use My HSA Money? - A Beginner's Guide to Health Savings Accounts

Health Savings Accounts (HSAs) are a valuable tool for saving money on medical expenses. One common question that comes up is, 'Who can use my HSA money?' The answer to this question is essential for account holders to understand to make the most of their HSA benefits.

HSAs are meant to help individuals and families save for qualified medical expenses, both current, and future. The following individuals can use the funds in your HSA:

• You, the HSA account holder
• Your spouse or domestic partner
• Your dependents claimed on your tax return
• Any other person you may wish to help with their medical expenses

It's crucial to note that the funds in your HSA can only be used for qualified medical expenses as defined by the IRS. These expenses can include a wide range of medical, dental, and vision care costs.

Another essential point to keep in mind is that once you turn 65, you can use the funds in your HSA for non-medical expenses without penalty, although regular income tax would apply.

Health Savings Accounts (HSAs) empower you to save money for medical expenses while enjoying tax advantages. It's a common inquiry among account holders: 'Who can access my HSA funds?' Let's dive into the specifics to maximize your HSA benefits.