10 Surprising Things You Can Buy With Your HSA Funds
People with high-deductible health insurance plans can become eligible for health savings accounts (HSAs). This is a great way to build tax-free savings to pay for potential high deductibles, but what if you rarely need to use your health insurance? You might have asked yourself, what can I really use my HSA for? You'd be surprised at the everyday items your HSA funds can cover.
Over-exposure to the sun’s harmful rays can lead to skin cancer, heatstroke, and other serious health conditions. Instead of avoiding the beautiful sunshine, you can use your HSA funds to pay for the following items:
Whether you need rehabilitation, chiropractic care, or a therapeutic massage, your HSA funds can cover the cost. When seeking out services, especially when the price tag is high, ensure these professionals have all the right licenses to operate.
Everyone wants different things in life, but everyone can agree on the desire for clear skin. Clear skin is beautiful skin. Healthy skin also retains its youthful look for a longer time. Use your HSA funds to achieve your clear skin goals.
Sleep plays a crucial role in how the body remains functional and operates at its best. Unfortunately, many Americans suffer from sleep disorders that make it difficult to get the right amount of sleep, even when they go to bed early. HSA funds can pay for sleep studies to help people diagnose and treat sleep disorders.
How clean is the air in your home? If you have pets, use products with chemicals, and live in a place where you have to leave your windows and doors shut, chances are the outdoor air is cleaner than your indoor air. Air purifiers can help you reduce the levels of toxins inside your home, and the good news is that your HSA funds can cover the cost of it.
Raising children is an expensive 18-year commitment. HSA funds can help parents reduce some of the financial and tax burdens of raising children. Be sure to confirm with your accountant what specific products qualify, but obvious ones include diapers and baby formula.
While doctor visits to specialists like an OBGYN have always been eligible using HSA funds, feminine necessities have not. It was only recently, through the CARES Act, that feminine products became eligible for HSA.
Whether you plan to grow your family, or decide to wait a bit longer, some key items are necessary to do it safely. HSA funds are another great way to set money aside for healthcare costs on a tax-favored basis for expenses such as pregnancy supplements or contraceptives.
When you think about what you can buy with HSA money, prescription drugs likely come to mind first. Did you know your HSA funds can also pay for everyday OTC pain killers, such as Aspirin and Tylenol? This remains true even if you take daily Aspirin as a blood thinner instead of for pain.
Hearing aids can cost thousands of dollars. To make matters worse, insurance companies usually do not cover the cost. Luckily, this is another item that makes the HSA eligibility list. HSAs can significantly improve the availability of hearing aids for the people who need them most, especially in marginalized communities.
Believe it or not, most of the expenses listed above can be found at stores like Walmart and Amazon. With flexibility like this, it’s no wonder you’re thinking of creating an HSA. Find out the rates and details associated with a ProFed HSA. Signing up is easy, and you can fund your account with the click of a button.