HSAs (Health Savings Accounts) offer a tax-advantaged savings vehicle exclusively designed for qualified medical expenses. Understanding the intricacies of eligible expenses is crucial for maximizing HSA benefits. Here’s a comprehensive list:
Qualified Medical Expenses
Doctor and Hospital Visits
Dental and Vision Care
Prescriptions and Medical Supplies
Other Eligible Expenses
Non-Eligible Expenses
While HSAs offer a wide range of qualified expenses, certain costs are excluded, including:
Importance of Accurate Expense Tracking
Properly tracking HSA-eligible expenses is essential. Detailed records should include the date, amount, and purpose of each expense. This documentation is crucial for audits, ensuring compliance, and maximizing tax savings.
Kind regards,
M. Davis
Commercial
