What You May Not Know About Your HSA

You probably know that a Health Savings Account (HSA) is an account funded with pre-tax dollars that is designed to be used for healthcare costs that are not covered by insurance. However, do you know just how many things outside of orthodontics and contact lenses you may be able to use it for?

For instance, if you live in a home built before 1978 — the year lead was removed from paint — you might be eligible to use your HSA to remove the lead from the structure if there is a young child who may ingest the lead-based paint chips, according to the Internal Revenue Service.

Parents or those thinking about starting a family should note that items such as breast pumps, lactation consultants, or infertility treatments are all eligible reimbursable expenses, and in some cases, a doula or expenses paid for CPR classes as part of birthing classes are reimbursable.

The cost of a guide dog or other animal to be used by the visually impaired or hearing impaired qualifies as a medical expense. In addition, you can use your HSA to make medically necessary changes to your home such as shower grabs, bath seats, and extended toilet seats.

There are plenty of other uses, too, including taxis to and from treatments, corrective eyewear, and even smoking cessation programs. Keep in mind many eligible items vary by plan. Not sure if something is covered? For more information about health insurance and health savings accounts, get in touch with your Texas Farm Bureau Insurance Agent.