“You could probably make the argument for an emotional support dog,” Finfrock says. Those with physical disabilities, such as vision or hearing impairment, can use money from their HSA to pay for the cost of buying, training and maintaining a guide dog or service animal. Regardless of whether you have insurance coverage for these services, you can use your health savings account to pay for expenses using tax-free dollars. Use an HSA to save money on dental care, eye exams, eyeglasses and more. “It is the HSA owner’s responsibility to determine whether withdrawals are qualified or consult with their competent tax advisor,” MacDonald notes. If you are a parent traveling with a sick child, you may be able to reimburse expenses for both yourself and your child, up to a limit. The cost of meals and lodging at a hospital or similar institution may be reimbursable from an HSA, so long as medical care is your main reason for being there, according to Lori MacDonald, cash management manager at Citizens Equity First Credit Union, which is based in Peoria, Illinois. “You can use your HSA even if your insurance won’t pay for them,” says David Shuley, co-founder and principal of Northwestern Mutual’s Private Client Group, Esteem Wealth Partners in Cincinnati. 31, 2019, to qualify, and eligible items include pads, liners, tampons, cups and similar items designed for period protection.Īcupuncture, chiropractic care and weight-loss programs may all qualify for tax-free reimbursement from a health savings account. 31, 2019.Īlong with over-the-counter medications, menstrual products were also included in the CARES Act as newly eligible for HSA reimbursements. However, the new rules only apply to purchases made after Dec. Under the CARES Act, over-the-counter products and medications are eligible for reimbursement from an HSA, no prescription required. But it also expanded the items eligible for HSA reimbursement, says Leif O’Leary, CEO of Alegeus, which provides a cloud-based platform for administering health care benefits accounts. The Coronavirus Aid, Relief and Economic Security - or CARES - Act may be best known for providing stimulus checks to citizens and financial aid to businesses during the COVID-19 pandemic. ![]()
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