5 Ways to use your HSA Account

If you’ve every wondered “How can I use my HSA account?” or even if you don’t know what an HSA is, today’s blog post is for you. I’m sharing a few ways to use your HSA that you may not know about.

Last week in our Instagram stories I asked you all a few questions about HSA accounts. You all gave me a lot of good insight and said you wanted to learn more about them, so I’m here to share! Almost two years ago I signed up for an HSA account for the first time, and my mind was blown when I learned how useful they are. In my opinion, HSA accounts are severely underrated and even people who have them haven’t cracked the code on how to maximize them.

First things first…

What is an HSA account?

HSA stands for health savings account and you can opt-in to one if you have a high-deductible healthcare plan or you can open one on your own. The money you contribute to your account is tax-deductible and you can use it for certain out of pocket medical expenses. Some companies will even match your contribution, which is great! If you have a balance left over at the end of the year, that money rolls over to the following year so you can keep building on it.

Now that I’ve given you a basic overview of what an HSA is, here’s how you can use it.

To pay out of pocket medical expenses

This is probably the most common use for HSA accounts. You can use your HSA debit card to pay for prescriptions, medical bills and even dental work. This comes in really handy for me when it’s time to buy new contacts and glasses. Even if your medical vision, and dental providers are different, you can typically use your HSA to cover any of those out of pocket expenses.

For menstrual products

Y’all! When I found out I could use my HSA to buy menstrual products, it was game over! We all know how pricey pads, tampons and pantyliners can be so it’s nice to be able to buy them tax-free.

For vitamins and OTC Medicine

More products that I will never go back to using my debit card for. You can buy your multivitamins, sinus and pain medicines and first aid kits with your HSA account. Almost anything you get at a pharmacy is fair game, so don’t miss out!

To start investing

I’ve recently started researching investment options within an HSA. Most programs allow you to invest the money in your HSA account for retirement. This is a great option for anyone looking to plan for the future with more than just a 401K.

For physical therapy and massages

Most physical therapists and some massage therapists will accept HSA for payment. If you need to do some light rehab in physical therapy, or want to treat yourself to a relaxing massage, your HSA has you covered.

These are just a few ways you can use your HSA. There are so many more things you can buy for your health and wellness and ways to use the money you contribute. If you currently have an account, check with your provider for more specific information. There’s even an HSA online store that has all the products you can buy with your HSA to take the guesswork out of it.

Do you have an HSA? If so, do you feel encouraged to open one now?