Who Can You Pay for with HSA Funds? Understanding HSA Eligible Expenses

When it comes to Health Savings Accounts (HSAs), one common question that many people have is, 'Who can you pay for with HSA funds?' It is essential to understand the rules and guidelines surrounding HSA eligible expenses to make the most out of your HSA benefits.

With an HSA, you can use the funds to pay for eligible medical expenses for yourself, your spouse, and your dependents. This includes a wide range of healthcare services and products, making it a versatile tool for managing healthcare costs.

Here are some of the key individuals and expenses that you can pay for with HSA funds:

• Yourself
• Spouse
• Children (dependents under the age of 19 or full-time students under the age of 24)
• Qualifying relatives you claim as dependents on your tax return

It's important to note that HSA funds cannot be used to pay for health insurance premiums unless they are for:

• COBRA continuation coverage
• Health coverage while receiving unemployment benefits
• Long-term care insurance
• Health coverage during a period of temporary continuation of coverage under federal law

When it comes to Health Savings Accounts (HSAs), one question many people ponder is, 'Who can you pay for with HSA funds?' Understanding HSA eligible expenses can significantly enhance your ability to manage and save on healthcare costs.

Your HSA funds can help pay not just for your medical bills but also cover eligible expenses for your spouse and dependents. This could save you a substantial amount, as HSAs allow you to set aside pre-tax money for various healthcare-related expenses.

Here’s a deeper look at the key individuals you can pay for using HSA funds:

• Yourself – All eligible healthcare expenses incurred by you can be covered.
• Spouse – If your spouse is not covered by an HSA, you can still use your funds for their eligible medical expenses.
• Children – This includes dependents under 19 or those attending college full-time under 24 years old.
• Qualifying relatives – If you have relatives you claim as dependents on your tax return, their medical expenses can also be covered.

Moreover, while HSA funds are powerful, it’s crucial to remember that they cannot be utilized for health insurance premiums except in specific scenarios, such as:

• COBRA continuation coverage
• Health coverage while receiving unemployment benefits
• Long-term care insurance
• Temporary continuation of coverage under federal law