No, you cannot use your HSA (Health Savings Account) to pay for laser hair removal.
Laser hair removal is considered a cosmetic procedure and is not eligible for reimbursement with an HSA or FSA (Flexible Spending Account).
It is important to remember that you should only use your HSA to pay for qualified medical expenses.
What Are Some Examples Of Qualified Medical Expenses That Can Be Paid For Using An HSA?
Qualified medical expenses that can be paid for using an HSA include doctor visits, medications, medical equipment, dental and vision care for you, your spouse and any dependents.
The IRS designates eligible expenses that can be paid for without taxes.
These expenses can include medical, dental, vision, and prescription expenses.
Are There Any Other Cosmetic Procedures That Are Not Eligible For Reimbursement With An HSA Or FSA?
Yes, there are other cosmetic procedures that are not eligible for reimbursement with an HSA or FSA.
Cosmetic procedures such as facelifts, Botox, hair transplants, liposuction, teeth whitening and breast augmentation are generally ineligible unless they are necessary to improve a deformity due to a congenital abnormality, personal injury or disfiguring disease.
The IRS determines which expenses are eligible for reimbursement under an FSA and if the expense is not listed as eligible by the IRS then it is not covered under the FSA.
Can You Use An HSA To Pay For Prescription Medications?
Yes, you can use your HSA to pay for prescription medications.
Prescription drugs are considered approved medical expenses by the IRS, so they are eligible for HSA funds.
However, over-the-counter medications cannot be purchased with HSA funds unless a doctor writes a prescription.
How Does One Determine If A Medical Expense Is Eligible For Reimbursement With An HSA?
To determine if a medical expense is eligible for reimbursement with an HSA, you can refer to the IRS guidelines on qualified medical expenses.
Generally, eligible expenses include health care services, treatments, and items that are not covered by insurance and are used to treat or prevent a medical condition.
Examples of eligible expenses include doctor’s visits, prescription medications, and medical equipment.
You can also check with your HSA provider or employer for a list of eligible expenses.
Are There Any Tax Benefits To Using An HSA To Pay For Qualified Medical Expenses?
Yes, there are tax benefits to using an HSA to pay for qualified medical expenses.
Contributions to an HSA are deductible on the eligible individual’s return whether or not the individual itemizes deductions, and employer contributions aren’t included in income.
The earnings in the account aren’t taxed, and distributions used to pay for qualified medical expenses are tax-free.