Cover More

Lesser-known expenses that are covered by HSAs


If you have a high-deductible health insurance policy, you might want to consider a Health Savings Account (HSA) to help cover out-of-pocket expenses. The money deposited in HSAs is tax-deductible and carries no taxes when used on eligible medical expenses. It can even be invested for tax-free growth. Those eligible expenses include some things you probably know — doctor visits and hospital stays — and some you probably don’t. Here are some of the lesser-known items that HSAs cover.

  • Over-the-counter meds. The CARES Act, created in response to the pandemic, expanded what medications are covered by HSAs. Over-the-counter medications that were purchased after December 31, 2019, are eligible for reimbursement.
  • Alternative medicine treatments. Visits to your acupuncturist and chiropractor typically qualify for tax-free reimbursement.
  • Dental and vision. You can use tax-free dollars from your HSA to pay for dental and eye care expenses. Yes, even if your regular insurance covers it.
  • Medicare. As US News reports, you can use your HSA to cover Medicare expenses, like premiums and co-pays.
  • Service dogs. If you could benefit from a service dog, your HSA will likely cover the expenses.
  • Travel costs for medical attention. If you need to travel for a specific medical treatment, your HSA will likely cover food and lodging costs. The same goes for if you’re a parent and traveling with a sick child or a child who needs medical attention. Just remember to provide proof that the medical visit is the main reason for the trip.
  • Menstrual products. Another add-on from the CARES Act is menstrual products. These items are eligible for reimbursement, so long as they were purchased after Dec. 31, 2019.
  • Chris O'Shea

    Powered by: SavvyMoney