If you have a health care plan in the United States, then you likely have an HSA. HSA’s a great way to have a tax free health savings account for the healthcare expenses that you incur. but knowing exactly what expenses are HSA eligible and which are not can be a confusing maze for many people to figure out. But this list can help. Here are three expenses that are HSA-Approved.
Any medical equipment that you need is an HSA approved expense that you can pay for with the money in your HSA. Things like CPAP machines or blood sugar monitors fall under the category of medical equipment that can be paid for from your HSA. If you are paying for these things out of pocket, then you are missing out on ways to save on taxes on your medical equipment. Do your research and see what medical equipment counts towards your HSA and start spending from there instead of out of your personal accounts for your necessary medical equipment.
Many people forget that their dental expenses are eligible for HSA spending. Taking care of your teeth is essential, and that is why it is HSA approved spending. This includes things like braces, dental fillings, root canals and other routine dental procedures. But if you are considering braces, you may want to think about Invisalign. Compared to traditional braces, Invisalign is more comfortable and discreet. Consider spending your HSA dollars on dental correction services like Invisalign. Your teeth are important, so don’t neglect them.
You may be surprised to find out that many over the counter medications are HSA eligible. Many people assume that only prescriptions and other more intense medical expenses are HSA eligible, but this leaves tons of savings on the table. Do your research and find out what over the counters you use regularly are eligible. You could be leaving tons of savings on the table for you and your family. Just make sure you know how to pay for things properly.
Having an HSA is a great way to save money on medical expenses. But they can also be confusing. Knowing how to spend the money can be difficult. But if you aren’t taking advantage of these three spending categories, then you need to get on it.
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