What can I use my HSA for in 2021?

What can I use my HSA for in 2021?

List of HSA-eligible expenses

  • Abortion.
  • Acne laser treatment.
  • Acupuncture.
  • Ambulance fees and emergency care.
  • Artificial limbs.
  • Birth control pills, injections, and devices, such as IUDs.
  • Blood pressure monitors.
  • Body scans.

Can I use HSA for previous year expenses?

Can I use my tax-free HSA savings to pay for — or reimburse myself for — IRS-qualified medical expenses from a previous year? Yes, as long as the IRS-qualified medical expenses were incurred after your HSA was established, you can pay them or reimburse yourself with HSA funds at any time.

What expenses count for HSA?

Common eligible expenses include dental treatment, orthodontia, prescription drugs, diagnostic services, hospital services and surgery, laboratory fees, obstetrical expenses, chiropractic care, physical therapy, eye examinations, glasses, contact lenses, laser eye surgery, hearing aids, smoking cessation programs, and …

What can be purchased with HSA?

What Can You Pay for With an HSA?

  • Sunscreen.
  • Over-the-counter pain relievers, cold medicines and stomach remedies.
  • Air purifiers and filters.
  • Feminine hygiene products.
  • Birth control.
  • First aid supplies, including bandages.
  • Orthotics, orthopedic braces and wraps.
  • Pregnancy and fertility tests.

Can you cash out a health savings account?

Yes, you can withdraw funds from your HSA at any time. But please keep in mind that if you use your HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20% penalty.

How do I prove my HSA expenses?

Hold on to any insurance carrier’s Explanation of Benefits (EOB) statement that documents your expenses for services covered under your HSA-eligible health plan. Keep receipts for all other items purchased with your HSA, for example, vision and dental services.

Can I buy Period products with my HSA?

Yes! All period products, including menstrual pads, have been deemed “medical expenses,” by the CARES Act, which means you can use your HSA to pay for them.