Top 10 Surprising Health Expenses Your HSA Actually Covers
If you have access to a Health Spending Account, you should use it. This savings tool allows you to put pre-tax money aside for future medical expenses. Withdrawals for medical expenses are tax free and you can earn tax-free interest, according Benefit Resource Inc. People are taking advantage. Introduced in 2004, HSA participation surged to more than 20 million users in 2016, from just over 3 million in 2006, according to America’s Health Insurance Plans.
“HSAs give consumers the power to choose and power to shop,” said Marilyn Tavenner, president of America’s Health Insurance Plans. “With an HSA, consumers can look for the most cost-effective services and products that meet their individual needs. Not only do consumers save money, they can use these tax-free dollars to pay for them.”
Unlike Flex Spending Accounts, contributions to your HSA roll over year to year for the rest of your life. No more worrying about using it or losing it. Unemployed; use it to pay for COBRA. Use it to invest in mutual funds to build your retirement savings. With an HSA, your money is there when you need it. But don’t think you have to have major surgery for this account to pay off.
Here’s our list of the top 10 most basic expenses your HSA will cover:
1. Lip Balm
If it has sunscreen, its covered. Lip balm isn’t just about chapped lips, but alleviating dryness while protecting against harmful ultraviolet sunrays. Pucker up! You’re covered.
This ancient practice can get expensive, but using pre-tax dollars makes it affordable. Lay back and let an expert treat your fatigue, chronic back pain, migraines and a host of other maladies.
3. Ear Wax Remover
When a cotton swab won’t do, ear wax removal kits are acceptable expenses under your HSA when prescribed by your doctor. These kits remove blockages that can lead to hearing issue and discomfort.
4. Lactose Intolerance Pills
Everyone screams for ice cream. Take a pill and enjoy dairy again. Lactose intolerance pills are covered because, ice cream.
It can happen to anyone but it’s more prevalent in women. Urinary incontinence is a loss of bladder control and over the counter supplies are covered.
6. Nasal Strips
Your significant other snores and you need relief. You decide to try Breathe Right nasal strips. They might work, and if not, at least you didn’t have to pay out of pocket.
So, your dentist says you have receding gums and recommends a fluoride treatment. Your health spending account covers it as a treatment to reduce tooth decay.
8. Dog Food
The expenses incurred from buying, training and maintaining a guide dog is covered by your Health Spending Account. That means the dog food and those vet visits. The key is, the dog must be a medically prescribed guide.
Both preventing (prophylactics) and planning (ovulation monitor) are covered expenses. From the pregnancy test to the midwife, baby related expenses can add up. Using pre-tax dollars helps to offset those costs.
10. Contact Lens Solution
According to bloggers, contact lens solution is not just for contacts, it can also be used to clean wounds, as an eye wash or a nasal irrigation solution in your Neti pot. It can also be used to clean electronics, streak free. Stock up! It’s covered.