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HSAs can be used to pay for many types of medical expenses, even some that are often excluded on health insurance plans. These include:
Health insurance plan deductibles, copayments, and coinsurance Prescription and over-the-counter drugs Dental services, including braces, bridges, and crowns Vision care, including glasses and lasik eye surgery Psychiatric and certain psychological treatments Long-term care services Medically-related transportation and lodging
Typically HSAs cannot be used to pay health insurance premiums, although there are exceptions for:
Health insurance premiums if you are receiving federal or state unemployment benefits Premiums for COBRA qualified health insurance Certain qualified long-term care insurance premiums Premiums for a health plan (other than a Medicare supplemental policy) for an individual age 65 or older
Note: You must establish an HSA before incurring any expenses or the expenses will not qualify.
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