Wondering what are qualified expenses for an HSA?
Congratulations! You have an HSA. Check out our blog here if you have questions about the deductible.
With an HSA, it’s important to make sure that you only use the account for ‘qualified medical expenses.’ Otherwise, you may be subject to a penalty for improper withdrawal. As always, we recommend that you talk with your tax adviser with specific questions.
In general, the following are likely qualified expenses.
- If your insurance counts the service toward your deductible, it’s likely a qualified expense.
- Prescription drugs are likely qualified expenses.
- Acupuncture
- Medical Supplies like bandages
- Crutches
- Dental Services (non-cosmetic)
The list of qualified services is actually pretty long. This is a link to a great IRS FAQ on HSA-qualified expenses.
Tax questions should always go to an expert. This blog post is not meant to be tax advice and should not be taken as such. Always consult your tax adviser for your specific situation.
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