People commonly use their HSAs for things like visits to the doctor or dentist, prescriptions, and similar routine medical costs.
But did you know that eligible HSA expenses also include everyday purchase items like band-aids, sterile cotton balls, or sunscreen (SPF 30 or higher)?
What’s new on the eligibility list?
The eligibility list was expanded recently in the CARES Act to include over-the-counter medical products like:
Pain relief and anti-inflammatories
Cold and cough medicine
Tampons and pads
and so much more!
We recommend reviewing the list of eligible expenses to find all the ways you can use your HSA to pay for your expenses. Our expenses list is searchable, so you can try typing an item to find out whether it’s eligible (if a specific brand name isn’t showing up, try searching for a generic term). Remember, putting money in your HSA reduces your taxable income, so it saves you money, even if you’re just putting money into your HSA to make these purchases.