HSA Eligible Expenses 2023: What Expenses Are Covered By Health Savings?

Health Savings Accounts (HSAs) are being used in the U.S. to save up for medical expenses. In this article, read and find out what particular expenses are covered by HSAs!

Health Savings Accounts (HSAs) are being widely used in the U.S. by individuals and families to save up for any medical expenses. The HSAs are tax-advantaged and used hand in hand with a high-deductible health plan (HDHP). These accounts help offset the HSA Eligible Expenses 2023 to decrease the costs for U.S. citizens.

An article on MARCA states that one of the most enticing features of an HSA is the adaptability it provides. An HSA allows earnings, withdrawals, and tax-free contributions depending on the HSA Eligible Expenses 2023 that an account can be used for.

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HSA Eligible Expenses 2023

According to an article on the Wisconsin Department of Employee Trust Funds, the Internal Revenue Service (IRS) has a list of HSA Eligible Expenses 2023 that may be paid with funds from the accounts. These expenses range from medical services to long-term care.

For the medical services category, costs from doctor visits, preventive care, mental health counseling, physical therapy, and chiropractic care are under the HSA Eligible Expenses 2023. Prescription medications such as insulin and other medicines that are prescribed by a doctor are also covered.

Furthermore, medical supplies and equipment like bandages, crutches, blood sugar testing kits, and many more are also eligible. Fees for laboratory examinations including X-rays, blood work, and other diagnostic tests are also qualified for the HSA Eligible Expenses 2023.

Lastly, funds from an HSA can also be used to pay for long-term care costs such as nursing home care and assisted living. Alternative medical treatments like chiropractic care, acupuncture, and naturopathic medicine can also be under the HSA Eligible Expenses 2023.

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