![]() Therefore it's advisable to have any lead-based paint removed in your home. Older paint often contained lead because it allows the paint to dry faster and keep longer, but ongoing lead exposure can have catastrophic consequences on long-term health. Lead is obviously super toxic, but unfortunately, it's often still found in some homes. Tax advantages and skin protection? Yes, please! 5. Sunscreenĭid you know that you're supposed to wear sunscreen every day, even when it's cloudy, and you've been sitting inside all day? If you're the kind of person who only packs on sunscreen during visits to the beach, the knowledge that you can use your HSA to pay for sunscreen or get reimbursed for purchases might just sway you. Similar to home improvement projects, you can cover special car equipment, such as special handles, seats, and controls, with funds from your HSA, as long as this new equipment is medically necessary. These types of improvements can include installing ramps, lowering cabinets, widening doorways, and other changes that would make your home more accessible to someone with a disability. Home improvement projects are eligible for reimbursement, but only if they're required for medical reasons. Hold on, don't go calling an interior designer just yet. You can also use your HSA to cover any veterinary care your service animal may need, as well as their food. Thankfully, service animals fall under the category of qualified medical expenses, and you can pay for them with your HSA funds. Service animals such as guide dogs, seizure alert dogs, and psychiatric aid animals are invaluable companions for those who rely on them to get through the day and enjoy a good quality of life. Here are ten items that you'd never know are HSA-eligible. But that's not all! An HSA is a true financial workhorse and can be used to pay for things you maybe wouldn't expect. Using an HSA to save on qualified medical expenses is a no-brainer, of course. You also don't pay tax on withdrawals for eligible medical expenses, which is why most people use their HSAs to pay for things like doctor's visits and prescription medication.You don't pay taxes on the account's growth.HSA contributions are either pre-tax (if an employer offers the account) or tax-deductible (if you opened your own).Many people, especially younger folks, might choose an HSA to save on premiums and enjoy triple-tax advantages: HSAs are designed to cover expenses that fall under the deductible of your high deductible health plan (HDHP). An HSA can certainly be used as a traditional savings account, but you really get the most out of it when you use your HSA to hold interest-generating investments like individual stocks, mutual funds, and ETFs. For those of you who might need a refresher: An HSA is a tax-advantaged savings and investment account that you use to pay for medical expenses while enjoying discounts on many health and medical-related purchases. Go to the EBIA Health Care Expense Table to see a complete list – log in to the participant portal and click “Tools & Support”.Financially savvy folks know that a Health Savings Account is a stellar tool to save right now, as well as down the line when you're retired and trying to live your best life. If used for a specific medical condition, some items may become eligible with a doctor’s letter. ![]() Items that are not eligible expenses are primarily elective and not necessary products and services. Sample list of ineligible expenses with an HSA. See the full article Services and items that are not eligible This provision reverses laws put in place as part of the Affordable Care Act in 2011, which stated that over-the-counter expenses were only eligible for reimbursement with a prescription. The changes take place retroactive to Januwith no expiration date. Non-prescribed, over-the-counter medicine and medical supplies are now covered as qualified medical expenses for healthcare FSA, HSA, and HRA (if applicable). This includes over-the-counter menstrual care products. Over-the-counter items eligible under an FSA - Updated with Coronavirus Aid, Relief, & Economic Security (CARES) Act Retiree healthcare premiums, including Medicare (but not supplemental policies like Medigap).Premiums while you are receiving unemployment compensation. ![]() Use the HSA Store tool (above) to see if an item is eligible or log in to the participant portal and click “Tools & Support” to go to the EBIA Health Care Expense Table for more details. Sample list of eligible expenses with an HSA. Expenses that happen before the HSA is opened are not eligible. Eligible expenses can be incurred by the employee, their spouse or their eligible dependents. Find out more about what’s eligible and not eligible under your plan.Īn eligible expense is any healthcare expense approved by the IRS for reimbursement through an HSA.
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