Health Insurance

How Can I Use HSA Funds?

Alexis Bryan
Alexis Bryan12 Dec 2022
Health Savings Accounts (HSAs)
Common IRS-qualified Medical Expenses
How to Use HSA Funds
Health Savings Account Funds Frequently Asked Questions (FAQs)
Bottom Line

You can use the funds in your Health Savings Account (HSA) to pay for IRS-qualified medical expenses, such as doctors’ visits and medications. You can pay for your IRS-qualified medical expenses using your HSA Bank Health Benefits Debit Card or pay out-of-pocket and reimburse yourself later with HSA funds.

To be eligible to open an HSA, you must have a special type of health insurance called a high-deductible plan (HDHP). These plans only start covering your health expenses once you have met your deductible, so many people choose to supplement HDHPs with a Mira membership. Mira can help you access affordable lab testing, urgent care visits, and virtual care visit without meeting a deductible.

Health Savings Accounts (HSAs)

HSA funds are a tax-free way of paying for IRS-qualified medical expenses. You own and control the money in your HSA. People will often use their HSA funds for dental or vision services if they do not have coverage.

Using an HSA gives you the following tax benefits:

  • Tax-deductible contributions up to an annual limit.
  • Tax-deferred investment growth.
  • Tax-free withdrawals for qualified healthcare expenses.

In 2022, the maximum contribution to an HSA is $3,650 for a single plan and $7,300 for a family plan. You can use HSA funds on various health care expenses for you, your spouse, and eligible dependents. The HSA bank publishes resources to help you understand the ins and outs of an HSA and what you can use the funds for, known as IRS-Qualified Medical Expenses

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Alexis Bryan

Alexis Bryan MPH, is a recent graduate of Columbia’s Mailman School of Public Health. She is passionate about increasing access to care to improve health outcomes. Outside of work, she loves to travel, read, and pay too much attention to her plants.

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