Daniel Stewart

6 Things You Didn't Know You Could Use Your HSA On

Most people are aware that you can use a health savings account (HSA) on expenses like prescription drugs and doctor's visits. But these tax-advantaged accounts are much more versatile than you might realize! Here are a handful of costs your HSA can cover tax-free. Find the perfect HSA provider for your financial goals: visit this website to explore a wide range of trusted HSA providers.

Menstrual Products

In the past, menstrual products were not HSA-eligible. However, that changed with the CARES Act. Any related products purchased after December 31, 2019, qualify. That includes:

• Tampons

• Pads

• Liners

• Reusable cups

Over-the-Counter Drugs

It's not just prescription drugs that count as eligible expenses. Like menstrual products, the CARES Act made over-the-counter medications HSA-eligible. You can use your HSA to buy items like:

• Allergy medications

• Pain relievers

• Antacids

• Laxatives

• Decongestants

HSA providers don't limit the types of OTC medications or brands you can buy. Many stores even have stickers to mark HSA and FSA eligibility.

Dental Care

Need a dental cleaning or cavity filling? You can use your HSA to pay for it! However, there are some caveats. Most HSA providers will help you determine what procedures are eligible.

Anything cosmetic doesn't qualify. Therefore, you can't use your HSA for whitening or veneers. But you can use your HSA on checkups, dental visits, root canals and other medically necessary treatments.

Vision

If you don't have vision care as part of your insurance plan, you can use your HSA. Eye exams, medically necessary ocular treatments and prescription glasses all qualify.

Alternative Care

Believe it or not, your HSA may cover alternative treatments such as acupuncture and chiropractic care. These treatments can be expensive, and having an HSA is a great way to cover any associated costs. Whether you invest in short-term treatment or long-term care, most expenses related to alternative care are HSA-eligible.

Travel

Many people must travel to get medical care. For example, you might seek treatment from a cancer center in another state or visit a specialist to get care unavailable in your local area. You may use your HSA to cover related travel expenses. However, your primary reason for travel must be medical care.

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 invest HSA blog.