Money in a tax-advantaged medical savings account, such as a Health Savings Account (HSA) or a Flexible Spending Account (FSA), can be used for qualified healthcare-related expenses. Specifically, this typically includes:
- Healthcare-related expenses like medical supplies and copays
- Certain types of prescriptions and over-the-counter medications (with a prescription)
- Dental and vision care expenses
However, it does not typically cover:
- Groceries at a health food store: These are generally not considered qualified medical expenses.
- Medical school tuition: Tuition for medical school is not a qualified medical expense.
- Health fitness-related things like gym memberships: These are generally not eligible unless prescribed by a doctor for a specific medical condition.
It's always a good idea to check the specific guidelines for your account, as there may be variations based on the type of account and current regulations.
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