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All products are HSA eligible. The Complete HSA Eligibility ListHere it is — the most-comprehensive eligibility list available on the web. From A to Z, items and services deemed eligible for tax-free spending with your Flexible Spending Account (FSA), Health Savings Account (HSA), Health Reimbursement Arrangement (HRA) and more will be here, complete with details and requirements. Important Reminder: FSAs, HRAs and other account types listed may not all be the same. Be sure to check with your administrator to confirm if something is eligible before making a purchase. Here it is — the most-comprehensive eligibility list available on the web. From A to Z, items and services deemed eligible for tax-free spending with your Flexible Spending Account (FSA), Health Savings Account (HSA), Health Reimbursement Arrangement (HRA) and more will be here, complete with details and requirements. Important Reminder: FSAs, HRAs and other account types listed may not all be the same. Be sure to check with your administrator to confirm if something is eligible before making a purchase. Filters Eligible with Letter of Medical Necessity (LMN) Popular CategoriesDon't know where to begin? Start with these popular categories to find the eligible items and services you need. Top ReadsLearn how to make the most of your funds, from account basics to pro tips and everything in between. Like many Americans, Michele Hosner has a high-deductible health plan (HDHP). She likes the low monthly premiums and wants to use her savings to fund her deductible and other medical expenses that might come up. That’s why she’s a big fan of her health savings account (HSA). The mother of two from Pittsburgh uses the HSA for her deductible, prescriptions and routine expenses like over-the-counter allergy medications. When her toddler suffered a minor injury, Michele was able to use the account to cover an unexpected emergency room visit. “I was glad I had the money put aside to pay for this,” she says.
Despite their popularity, there’s still a lot of opportunity for HSA holders to make the most of their accounts. “Many people who have an HSA don’t understand the full breadth and depth of what it can do for them,” says Michael DiSimone, CEO of PayFlex, part of the CVS Health family of companies and a benefits provider for more than 30 years. An HSA is different from an FSA
HSAs are different. The money you contribute to an HSA has no “expiration date.” You can withdraw funds you need to pay for everyday out-of-pocket health care expenses or save them for care you may need years down the road. “Most people are coming from an FSA world, which is ‘use it or lose it.’ That’s a mentality we’re trying to change,” says DiSimone. The benefits of HSAsFor 2022, individuals can contribute up to $3,650, and families up to $7,300, to their HSA each year. And people over 55 can contribute an extra $1,000 annually. HSAs have a triple tax benefit. Funds go into your HSA pre-tax, reducing your taxable income. Withdrawals for qualified expenses are also tax-free. And if your HSA includes the option to invest the funds in your account, the earnings are tax-free as well. “It can be a really great vehicle for saving for the future,” DiSimone says. What types of health care expenses are HSA eligible?You might be surprised by how many expenses are HSA eligible. In addition to paying for doctors’ visits, prescriptions and coinsurance, HSAs can be used for a wide variety of other expenses, including:
If you have an HSA or are considering opening an account, educating yourself on the many benefits of an HSA can help you make smart decisions about spending and saving your health care dollars. An HSA is a great way to help you plan, save and pay for your personal well-being.
If you have an HSA through PayFlex, your spouse age 55+ or children ages 18-26 can open their own HSA with PayFlex. Learn more about HSAs on the PayFlex site. What can I buy with my HSA debit card?You can pay for a wide range of IRS-qualified medical expenses with your HSA, including many that aren't typically covered by health insurance plans. This includes deductibles, co-insurance, prescriptions, dental and vision care, and more.
Can I use my HSA card for regular purchases?If you use your HSA for an expense other than eligible medical expenses you can subject yourself to significant IRS penalties. Inappropriate use of your HSA funds may also leave you without money to pay for your eligible medical expenses in the future.
What can I not use my HSA for?Generally, you can't use your HSA to pay for expenses that don't meaningfully promote the proper function of the body or prevent or treat illness or disease. Nutritional supplements and weight loss programs not prescribed by a physician are examples of expenses that would not be covered by your HSA.
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