If you have a Health Savings Account, you know the basics – it’s tax-deductible money that rolls over from year to year and it belongs to you even if you lose your job. You probably use it regularly to cover medical expenses like co-pays and prescription medicine. But, there are many other things that you can use your HSA for what you wouldn’t expect. Here are 6 things you can pay for with your Health Savings Account.
1. Health-Related Home Improvements
These are called ‘Capital Expenses’ by the IRS, but health-related home improvements like the construction of a wheelchair ramp, or safety precautions like updating fire alarms can be paid for with your HSA.
Other modifications that qualify include installing equipment to accommodate a disability, injury, or illness. The number of funds you can use to pay for these home improvements depends on how much or little value will be added to your property.
2. Cars
While it’s not possible to use your HSA to a buy a new Audi on a whim, you can use it if you have a disability that requires you to drive using special hand controls. Your HSA will cover the cost of the difference between a regular car and a car that is specifically designed to hold a wheelchair or to be driven by someone with a disability.
3. Guide Dogs and Other Service Animals
You can use your Health Savings Account for the costs of buying, training, and maintaining a guide dog or other service animal that assists your disability or illness. This includes food, grooming costs, and vet care.
4. Stop-Smoking Programs
While you can’t use your HSA to buy over the counter aids like nicotine gum or patches, you can use the money to pay for a prescription stop-smoking program.
5. Medical Conferences
If you want to attend a conference on a chronic illness that you or a loved one suffers from, you can use your Health Savings Account to pay for the cost of tickets to the event and transportation. However, you can’t deduct the cost of food or hotel stays.
6. Over the Counter Medical Supplies
Next time you need to stock up on medical supplies, you can use your HSA debit card to buy bandaids, condoms, contact lens solution, reading glasses and first aid supplies.
