You may also receive an HSA benefits card from your plan administrator to pay for eligible expenses.
This will help you determine your HSA balance and allow you to view status updates for any expenses you’ve submitted.
Make sure you log in and review your HSA account details frequently. As long as the money is used for eligible medical expenses, you won’t have to worry about paying taxes on the money later. If you contribute to your HSA with after-tax dollars, you’ll receive a deduction when you file your tax return. When you open an HSA, you typically contribute pretax dollars to the account. When you withdraw money from the account, you won’t have to pay taxes on the funds as long as they cover HSA-eligible expenses.īelow, we’ll explain how to use an HSA and provide you with 82 HSA-eligible expenses for 2023. Every dollar that you contribute to an HSA can pay for eligible medical expenses. You must have a high-deductible health plan (HDHP) to open an HSA. A health savings account (HSA) is a tax-exempt account set up to offset the cost of healthcare.
