Paying for qualified medical expenses, such as doctor’s visits and prescription medications, is simple with your Wells Fargo Health Savings Account (HSA). The money you contribute to your HSA is tax-deductible, and you can withdraw money free of income taxes if you use it to pay for qualified medical expenses — not only for yourself, but also for your spouse and tax dependents.
What expenses qualify for reimbursement from my HSA?
The IRS defines qualified medical expenses as amounts paid for the “diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body.” Qualified medical expenses are eligible for reimbursement through your HSA as long as they are not reimbursed through insurance or other sources. See the IRS’s complete list of qualified medical and dental expenses (PDF*).
Examples of qualified medical expenses
|Qualified Medical Expenses (A-G) ||Qualified Medical Expenses (H-Z) |
- Alcoholism treatment
- Ambulance services
- Artificial limb or prosthesis
- Artificial teeth
- Birth control pills
- Braille books/magazines (portion of costs)
- Car adaptations (for persons with disabilities)
- Christian Science practitioners
- Contact lenses (including saline solution and cleaner)
- Dental treatment (x-rays, fillings, extractions, dentures, braces, etc.)
- Diagnostic devices (such as a blood sugar test kit)
- Doctor’s fees
- Drug addiction treatment
- Eyeglasses (including eye examinations)
- Eye surgery (including laser eye surgery)
- Fertility enhancement (including in-vitro fertilization)
- Guide dog (for visually-impaired or hearing-impaired)
- Hearing aids and hearing aid batteries
- Hospital services (including meals and lodging)
- Laboratory fees
- Lactation assistance supplies
- Prescription medicines or drugs
- Nursing home
- Nursing services
- Operations or surgery
- Psychiatric care
- Telephone equipment for hearing-impaired
- Telephone equipment for visually-impaired
- Therapy or counseling
- Transportation for medical care
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All tax references are at the federal level. State taxes may vary. This illustrative example assumes 25% federal and 5% state tax savings. Tax rates vary.
Please visit www.irs.gov/publications/p969/index.html for more information about eligible expenses. Please keep in mind that this publication provides information on expenses which are “deductible” on taxes. The list of deductible expenses is not necessarily the same as the list of expenses which can be paid with an HSA. For example, some insurance premiums may be deductible but they may not be eligible to be paid with an HSA. Consult your tax advisor if you have questions about what expenses can be paid with an HSA.
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