What can I use my HSA for?
Asked by: Dr. Skyla Franecki Jr. | Last update: September 4, 2023Score: 4.5/5 (50 votes)
You can use HSA funds to pay for deductibles, copayments, coinsurance, and other qualified medical expenses. Withdrawals to pay eligible medical expenses are tax-free. Unspent HSA funds roll over from year to year, allowing you to build tax-free savings to pay for medical care later.
What can an HSA not be used for?
Generally, you can't use your HSA to pay for expenses that don't meaningfully promote the proper function of the body or prevent or treat illness or disease. Nutritional supplements and weight loss programs not prescribed by a physician are examples of expenses that would not be covered by your HSA.
Can I use HSA for gym membership?
Physical therapy is an approved medical expense. Can I use my HSA for a gym membership? Typically no. Unless you have a letter from your doctor stating that the membership is necessary to treat an injury or underlying health condition, such as obesity, a gym membership isn't a qualifying medical expense.
Can you buy toilet paper with HSA?
Toiletries are not eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA), health reimbursement arrangement (HRA), limited-purpose flexible spending account (LPFSA) or a dependent care flexible spending account (DCFSA). What are toiletries?
Does HSA money expire?
Your HSA contributions don't expire. The money stays in the HSA until you use it. expenses for your spouse and dependents, even if your high deductible health plan doesn't cover them. ∎ HSA doesn't go away if job changes.
What expenses can I use my HSA for?
Can HSA be used for glasses?
Yes! You can definitely use funds from your flexible spending account (FSA) or health savings account (HSA) to purchase prescription glasses. (FSAs and HSAs can be used for many other vision- and eye health-related expenses, too, but we'll discuss that more in a bit.)
Can HSA be used for massage?
Massages with a doctor's note of necessity
In certain cases, the massage is deemed medically necessary, and can be classified as a qualified medical expense. In a case like this, accountholders can use their HSA to pay for the massage.
Can I use HSA for vitamins?
With this IRS definition in mind, while daily multivitamins are not FSA/HSA eligible, there are some types of vitamins that are eligible with consumer-directed healthcare accounts and others that may be eligible with proper documentation from a physician.
Is Apple Watch HSA eligible?
Unfortunately the answer to this question is usually no. This is because according to the IRS, fitness trackers are used to promote what the IRS terms “general health”. Expenses under this general health definition are not considered HSA eligible expenses.
Is Tylenol HSA eligible?
Acetaminophen, the primary ingredient found in Tylenol, is an eligible OTC item. Acetaminophen reimbursement is eligible with an FSA account, HSA or HRA. Acne Medicine such as Clean and Clear, Neutrogena, Proactiv, etc., is eligible.
Can you use HSA for teeth whitening?
What Dental Services are Not Covered by My HSA? Cosmetic procedures, like teeth whitening, are not covered by your HSA funds. Neither are dental products like dental floss, toothbrushes, toothpaste, or mouthwash. Those products are out of pocket expenses.
Can you use HSA to pay for Botox?
Botox: HSA Eligibility
Botox injections are not eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA) health reimbursement arrangement (HRA), dependent care flexible spending account (DCFSA) or a limited-purpose flexible spending account (LPFSA).
Can HSA pay for over the counter drugs?
Yes. You can buy OTC medicine like Tylenol and Tums with your FSA or HSA. But this hasn't always been the case. OTC drugs did not count as a qualified medical expense for HSAs unless you had a prescription.
What is the disadvantage of an HSA?
- Only available with high-deductible health plans.
- You'll owe taxes and penalties on distributions before age 65 that aren't for qualified medical expenses.
- You must keep records to show the IRS that you used your withdrawals for qualified expenses.
Is peloton HSA-eligible?
Can I buy a Peloton bike with my HSA? Can I use my HSA for a gym membership? Treadmills, gym memberships, and peloton bikes are not eligible HSA or FSA expenses. However, if you have a Letter of Medical Necessity from your doctor that requires you to exercise, you might be able to use HSA or FSA funds for those.
Can I buy a treadmill with my HSA?
A treadmill may be eligible for reimbursement with a Letter of Medical Necessity (LMN) with a flexible spending account (FSA), health savings account (HSA) and health reimbursement arrangement (HRA).
Can you use HSA at Sephora?
No, Sephora does not accept FSA or HSA cards in-store or online at Sephora.com. However, if you happened to buy FSA eligible sunscreen from Sephora, save your receipt and reimburse yourself!
Can I buy Gatorade with my HSA card?
Rehydration sports drinks, such as Gatorade, and solution with dietary supplements other than electrolytes are not eligible.
Does IRS audit HSA?
HSA reimbursements need matching receipts.
When using an HSA debit card, retain receipts for each transaction as those expenses will be reported to the IRS, and you could be audited.
Can I use my HSA for healthy food?
No, you can't use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for straight food purchases like meat, produce and dairy. But you can use them for some nutrition-related products and services. To review, tax-advantaged accounts have regulatory restrictions on eligible products and services.
Can you use HSA for ibuprofen?
Ibuprofen: HSA Eligibility. Ibuprofen is eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA), or a health reimbursement arrangement (HRA). Ibuprofen is not eligible with a dependent care flexible spending account (DCFSA) or a limited-purpose flexible spending account (LPFSA).
Can I use HSA to buy probiotics?
The good news is that many probiotic supplements are eligible for purchase with HSA funds. This is because they are considered to be a "qualified medical expense" under IRS guidelines.
Can I use HSA for chiropractor?
Chiropractic treatment reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA).
Can you use HSA for Lasik?
You can use an HSA for LASIK and other laser vision correction procedures. Like the FSA, the IRS sets limits on what procedures can be covered by an HSA. Laser vision correction procedures including LASIK, SMILE, and PRK are eligible expenses.
Can you use HSA for dermatology?
If you visit a dermatologist because of acne problems, the appointment is HSA eligible. Any prescriptions you get to help your acne are also covered. This may be confusing to patients who view acne as a "cosmetic issue," such as wrinkles or dark spots, which aren't covered by your HSA.