What are qualified medical expenses?
Most HSAs have a long list of qualified medical expenses, including some which are often excluded on standard health insurance plans. Some qualified medical expenses include:
- Health insurance plan deductibles, co-payments, and coinsurance
- Prescription and over-the-counter drugs
- Dental services, including bridges, crowns, and braces
- Vision care, including lasik eye surgery, eye exams, and glasses
- Psychiatric and certain psychological treatments
- Long-term care services
- Medically-related lodging and transportation
Although it is usually not permitted to use your HSA to pay health insurance premiums, please not the following exceptions:
- If you are receiving federal or state unemployment benefits;
- If you have COBRA qualified health insurance;
- If you have certain qualified long-term care insurance premiums; or
- If you are age 65 or older and you are paying premiums for a health plan other than a Medicare supplemental policy
In order for your healthcare costs to qualify, your HSA must first be established before incurring any expenses.
Health Savings Account (HSA) FAQs
- Can I roll over funds from other accounts into my HSA?
- How can I utilize my HSA funds?
- How do I begin this process?
- How do I know my money safe?
- How does an HSA help me save on taxes?
- How much can I contribute to my HSA?
- What are my extra costs if I choose an HSA?
- What are qualified medical expenses?
- What is a Health Savings Account (HSA)?
- What is an HSA-eligible insurance plan?
- Where can I invest my HSA funds?
- Why should I consider getting an HSA?