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  • Writer's pictureStephen Boatman

Common and Un-Common HSA Qualified Expenses

Updated: Mar 21

HSAs are often underutilized, largely due to the complexity of their withdrawal rules. However, gaining a solid understanding of these rules can unlock significant benefits. Let's explore some common and less common expenses that can be covered by HSA funds, empowering you to make the most of your tax-free account.


14 Common HSA Expenses


These are expenses that you can conveniently cover with your HSA funds. If you're already spending on these items and qualify for an HSA, why not use your HSA debit card and enjoy the benefit of tax-free dollars?


  1. Dentist and Doctor Visits

  2. Prescription Copays

  3. Hearing Aids

  4. Sunscreen/band-aids

  5. Vision Care/LASIK eye surgery

  6. Breast Milk/Pump

  7. Childbirth

  8. Hand sanitizer

  9. Breathing strips

  10. Ibuprofen

  11. tampons/pads

  12. Contraceptives

  13. Braces

  14. Therapy

  15. Here's a more extensive list of qualified HSA expenses.


3 Uncommon HSA Expenses


Below are three fun/uncommon uses of HSA dollars. However, it's important to note that you will need a letter of medical necessity from your local physician for these items. You can obtain these letters from your HSA account custodian, and it's crucial to keep them stored in case of future audits.


  1. TRT (testosterone replacement therapy) Can also be eligible if prescribed by a doctor.

  2. Physical Therapist, Massage, Yoga, Chiropractor, and Essential Oils.

  3. Vitamins, Health Clubs, Gym Memberships, and Weight Loss Programs.


Contribution Limits


In 2024, the Maximum HSA contribution for individuals is $4,150 and $8,300 for Married couples, with a catch-up contribution of another $1,000 if you are over age 55. There is no income limit that will keep you from contributing to an HSA account. HSA contributions are deductible, can be invested and grow tax-free, and are tax-free if withdrawn for an eligible expense.


Closing


I hope this broadened your understanding of what can be covered with an HSA account. If you have any questions or want to discuss how this account interacts with your specific scenario then feel free to give me a call.

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