What Expenses Are Eligible for an HSA?

Posted by Daniel Stewart on June 30th, 2021

Individual health savings accounts, or HSAs, are great ways to cover medical expenses. But when it comes to medical expenses, not everything is covered under an HSA. With that being said, there are thousands of expenses approved by the IRS, so chances are it’s covered if it’s something that you need. Read on to learn more about expenses that you can cover with your health savings account.

Why Would I Cover Expenses With a Health Savings Account?

If you’re planning on getting a high-deductible health plan, chances are you’ll also be able to use a health savings account. Health savings accounts are great, because they let you save up for qualified medical expenses, and the money you put into them is tax-free. Assuming you use that money for these qualified expenses, it remains untaxed. But what expenses are covered, exactly?

What Expenses Will I Be Able to Cover With My Health Savings Account?

As we mentioned, there are literally thousands of qualified medical expenses you can cover with an HSA. Here are just a few examples of the expenses that are covered:

• Deductibles
• Copays and coinsurance
• Prescriptions
• Diagnostic tests
• Necessary medical supplies
• Alternative medicine
• Ambulance
• Emergency room expenses
• Medical-related travel expenses

This is just a short list of some of the expenses you can cover with an HSA. For a complete list, make sure to check with your chosen HSA provider. This will give you a better idea of what you’ll be able to cover with your savings in your HSA account.

Choosing an Individual Health Savings Account Provider

If you have a high-deductible health plan and are looking for an individual health savings account provider, it’s a good idea to do your research. The most important things to look for are HSA providers that are trustworthy and transparent without hidden fees and that allow you to cover your medical expenses that are deemed qualified by the IRS. A good HSA provider will give you the tools you need to maximize your health savings and make the most out of your health savings account. If you need an individual health savings account, visit this website.

Author Resource:-

Daniel Stewart has been helping people with their money management and personal finance with over 15 years’ experience in business finance. You can find his thoughts at health investment blog. If you need top rated HSA, visit this website.