What Can I Use My HSA For?
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I have figured out that I cannot deduct my health insurance premiums from my HSA. Can I deduct the premiums from my vision and dental plans from my HSA?
I have figured out that I cannot deduct my health insurance premiums from my HSA. Can I deduct the premiums from my vision and dental plans from my HSA?
Michael T Charles
Can you use HSA money for dental implants without the money being taxed
ObamaCareFacts.com
Yes, I can’t see an instance where you wouldn’t be able to use HSA funds for dental implants. But you can always check with your HSA provider. They will have a list of services you can use your HSA for and can confirm for you.
Elena Adamo
Can I use my HSA to pay eligible medical bills that were incurred for services that took place before the creation of the HSA? My company started an HSA in 2020 but I have outstanding medical debt from 2018 that I would like to use it for. Is this allowed?
ObamaCareFacts.com
You can use your HSA to pay for Medical debt any time after the HSA was opened. You cannot use your HSA to pay for debt incurred before the HSA was open.
More specifically, you can use your HSA for any qualified medical expense. If a qualified medical expense was incurred after your HSA was opened, then you can use your HSA to pay for it. However, if the qualified medical expense was incurred before your HSA was opened, then you can not use your HSA to pay for it.
In short, you cannot use your HSA to pay off your debt in the above case.
Mike
I used my Hsa to buy an iPhone since my hearing aid would only work with Apple ios.
ObamaCareFacts.com
Really? You must have needed special approval, no? That is great to know though.
Reta Jones
What about over the counter medicine prescribed by a dr????
Michelle
What does potentially mean how long before that can be used
Karen Polastri
Why is physical therapy listed but occupational therapy and speech language pathology isn’t?
Craig
Can i use my HSA for eye exams and prescriptions glasses
Demetrius Thomas
Why is over the counter drugs not allowed that is one thing we need, you guys are saying are general health isn’t important enough. If I’m sick with a cold or flu why should I have to go all the way to the doctors to get a prescription to get the medicine? When I have this HSA that will take me a few seconds to go to CVS or Walgreens or Kroger and buy some medicine to cure me? What if I had no money to buy medicine and all I had was my HSA card I put money on this card to save for my health … GENERAL HEALTH should be approved … you guys are basically saying out normal health isn’t worth using this card for. Is it not called a HEALTH SAVINGS Card for a reason? For my health period?
[email protected] Erin
You can use your HSA for over the counter medications as long as you have a written prescription from your doctor.
Ben
Can I use my HSA to pay for my mother’s medication copays, or can it only be used for my medications?
[email protected] Erin
If your mother is your dependent, than you should be able to use your HSA funds to cover her copays. Here is the IRS publication, see Qualified Medical Expenses.
Will Wallace
Can you use an HSA to pay for medical expenses of a minor dependent child?
[email protected] Erin
Yes. You can use your HSA funds for the healthcare costs of any dependent, so long as they are your dependent at the time that you pay for the care. Below is from the IRS.
Greg Burns
From same IRS form. “For this purpose, a child of parents that are divorced, separated, or living apart for the last 6 months of the calendar year is treated as the dependent of both parents whether or not the custodial parent releases the claim to the child’s exemption.”
So, sounds like can use for healthcare costs of your dependent regardless if claiming on your taxes that year or not. Correct?
Sharon
Can use use HSA money for premium payment if you lose your job because of layover off due to company filing bankruptcy?
ObamaCareFacts.com
The general rule is you can’t use it on premiums, so I would have to say the answer is no. If you have no income you may have access to Medicaid, you can also switch to the marketplace, estimate low to get more upfront tax credits, and then pay them back if need be.
You can also withdraw money from your HSA at a penalty.
Zoya
“Insurance premiums Yes” was it a right answer? It suppose to be more specific. Is it only for dental and vision if separate from health insurance
ObamaCareFacts.com
Good catch. Dental and Vision insurance premiums ONLY for an HSA. The page has been notated.
Diana Riddle
How do I get more clarity on a potentially eligible expense? Is there someone who can elaborate on my specific situation?
ObamaCareFacts.com
Whoever provides your HSA (like HSA bank or whatever) will have a full list of eligible expenses. You can find more details from the IRS https://www.irs.gov/pub/irs-pdf/p502.pdf