Treat HSA as an IRA?
You can use the HSA money just like funds in your IRA or 401(k) after you reach age 65 if you don’t need the funds. You’ll pay taxes on withdrawals that aren’t used for medical reasons, however, just as you would if you were to withdraw money from an IRA.
What common items are HSA eligible?
Your HSA can help you cover qualified emergency, dental, vision, and family medical expenses.
These are the most common HSA-expensed items
- Copays for prescriptions and office visits.
- Crutches.
- Dental care (see below)
- Flu shots.
- Hearing aids.
- Prescription medications.
- Vision care (see below)
- Wheelchair.
What expenses are not covered by HSA?
Ineligible expenses for HSAs
- Child care for a healthy child.
- Cosmetic procedures, unless they correct a deformity or treat an underlying medical condition.
- Employment-related physical exams.
- Funeral expenses.
- Health insurance premiums, unless you have COBRA continuation coverage or receive unemployment benefits.
Can I use my HSA for vitamins?
According to the IRS, you cannot use your HSA to pay for vitamins or supplements that are taken for general health. However, you can use your HSA to pay for vitamins or supplements that have been recommended by a health professional to treat or prevent a specific condition.