Join Corey Stackhouse as he dives deep into the world of Health Savings Accounts (HSAs). Discover the benefits, tax advantages, and unique ways you can leverage your HSA for future financial well-being.

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Corey M Stackhouse, CFP®
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Health Savings Accounts (HSAs) have become increasingly popular in recent years as a way for individuals to save and pay for medical expenses. But did you know that there are several lesser-known benefits and features associated with HSAs? Here are nine things you probably didn’t know you could do with your HSA:

1. Use it for eligible over-the-counter (OTC) items: In 2020, the CARES Act expanded the list of eligible expenses to include OTC items, such as pain relievers, allergy medicine, and even certain menstrual products. This means you can use your HSA funds to purchase these items without a prescription.

2. Pay for long-term care insurance: If you have a long-term care insurance policy, you can use your HSA funds to pay for the premiums. This is a valuable feature as these policies can be costly, but using tax-free HSA funds can help ease the financial burden.

3. Invest your HSA funds: Many HSA providers offer investment options, allowing you to grow your HSA balance over time. By investing your funds in stocks, bonds, or mutual funds, you have the potential for greater returns, similar to how a retirement account works.

4. Utilize HSA funds for dental and vision expenses: While it’s widely known that you can use your HSA for medical expenses, it’s not as well-known that dental and vision expenses are also eligible. From routine check-ups to eyeglasses, your HSA can cover a variety of dental and vision-related costs.

5. Save and reimburse yourself later: Unlike a Flexible Spending Account (FSA), HSAs have no deadline for spending the funds. This means you can save and invest your HSA balance for years, even decades, and then reimburse yourself in the future for any eligible medical expenses incurred during that time.

6. Use your HSA to cover COBRA premiums: In certain circumstances, such as losing a job, you may be eligible for COBRA continuation coverage. The good news is that you can use HSA funds to pay for COBRA health insurance premiums, providing some relief while you search for new employment.

7. Use HSA funds for alternative therapies: Alternative therapies, such as acupuncture or chiropractic services, can be expensive, but your HSA can help cover these costs. Just make sure the provider is licensed and the treatment is medically necessary.

8. Pay for transportation expenses: It’s not just medical bills that you can cover with your HSA. Transportation expenses related to medical care, such as bus fares, parking fees, and even gas for your car if you drive to a medical appointment, are eligible for reimbursement.

9. Use your HSA funds as a retirement savings vehicle: While HSAs are primarily designed to help with current medical expenses, they can also serve as a retirement savings tool. After age 65, you can withdraw funds from your HSA for non-medical expenses without penalty (although withdrawals are still subject to income tax). However, it’s worth noting that continuing to use your HSA for medical expenses tax-free is often the best strategy.

In conclusion, HSAs offer more flexibility and benefits than many people realize. From covering dental and vision expenses to investing for the future or even using the funds for retirement, the list of what you can do with your HSA is impressive. Take advantage of these lesser-known features to maximize the value and utility of your Health Savings Account.