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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.
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
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