Investor Insights Blog|23 Medical Expenses Covered by an HSA
Tax-Advantaged Accounts
Health Savings Accounts (HSAs) can be a powerful tool to save and pay for health plan-related expenses and save on taxes.
You might be aware that HSAs can be used to pay qualified medical care expenses, but are you aware of all the expenses that qualify?
According to IRS Publication 969, you may request tax-free distributions from your account to pay for or be reimbursed for qualified medical expenses.
The list of eligible expenses are generally the same expenses that qualify for medical and dental expense tax deductions. Those expenses are listed in IRS Publication 502.
(Related: How an investor grew his HSA quickly with alternative investing)
Here are a few of the expenses that the IRS says may not be paid with a Health Savings Account:
For the complete list of qualified medical expenses you can pay with HSA funds – as well as expenses that don’t qualify – see IRS Publication 502. For more information on the Health Savings Account, see IRS Publication 969.
(Related: Combat rising health care rates with an HSA)
As always, if you have a question about how this information applies to your situation, consult your tax advisor or financial professional.
Video: Health Savings Account FAQs
What types of accounts does Equity Trust hold?
What investment options are possible with an Equity Trust account?
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Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional. Equity Institutional services institutional clients of Equity Trust Company. Brokerage Services Available Through ETC Brokerage Services, Member SIPC, and FINRA. *Founded in 1974 | Self-Directed IRA Custodian since 1983. The predecessor business to Equity Trust Company was established in 1974 and the IRS approved as a custodian in 1983. **Assets under custody as of 6/30/2023. 1ici.org, total assets in IRAs as of 12/2022
Terms of UsePrivacy PolicySite Map
© 2023 Equity Trust®. All rights reserved.
Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional. Equity Institutional services institutional clients of Equity Trust Company. Brokerage Services Available Through ETC Brokerage Services, Member SIPC, and FINRA. *Founded in 1974 | Self-Directed IRA Custodian since 1983. The predecessor business to Equity Trust Company was established in 1974 and the IRS approved as a custodian in 1983. **Assets under custody as of 6/30/2023. 1ici.org, total assets in IRAs as of 12/2022
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