With Health Savings Accounts (HSAs), common out-of-pocket medical expenses can be paid for with pre-tax money. The result is more money in your pocket year-after-year, along with a triple tax-advantaged account to watch those savings grow. In this blog, we’ll discuss how your HSA can impact your Vitamins and Supplements.
In an earlier blog, we explored How You Can Use Your HSA to Pay for Nutritional Supplements. But as it turns out, not all nutritional supplements are HSA-qualified.
This guide will explore which vitamins and nutritional supplements you can’t pay for with your HSA.
Which Vitamins and Supplements Are Not HSA Qualified?
According to the IRS, you cannot use your HSA to pay for vitamins or supplements that are taken for general health. However, you can use your HSA to pay for vitamins or supplements that have been recommended by a health professional to treat or prevent a specific condition.
Examples of HSA Qualified Vitamins and Supplements
Example 1: Multivitamins.
- Common multivitamins taken for general health: Not HSA qualified
- Specialized prenatal multivitamins recommended by a doctor: HSA qualified
Example 2: Probiotics.
- Probiotic supplements taken for general gut health: Not HSA qualified.
- Probiotic supplements that are recommended to you by a gastroenterologist or health coach to treat a direct condition: HSA qualified.
Example 3: Protein Powder / Creatine.
- Creatine taken to help build muscles: Not HSA qualified.
- Creatine recommended for the treatment of sarcopenia: HSA qualified.
HSA Vitamin Eligibility – Frequently Asked Questions [FAQ]
Q: Are vitamins HSA eligible in 2024?
Vitamins and health supplements are HSA-qualified expenses if they have been recommended by a medical or health professional for the treatment or prevention of a specific disease or condition. Prescriptions are not strictly required, but it’s a good idea to get the recommendation in writing from the provider.
Vitamins and supplements are not HSA-qualified if they are taken only to promote general well-being.
Q: What can I buy with my HSA?
The IRS keeps and enforces a broad list of medical products and treatments that can be purchased with HSA funds. Under section 213(d), qualified medical care would include:
“The diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body.”
That means that specific HSA-qualified expenses could be:
- Pre-deductible expenses
- Dental care
- Vision tests, eye glasses, and LASIK
- Birth control pills
- Fertility treatments
- Some over-the-counter (OTC) medications
- Vitamins and supplements, when recommended by a health professional
Q: Do I need a prescription to buy vitamins with my HSA?
Prescriptions are not required, but it is best to have some form of documentation that claims your “specific need”. This is a simple note from your medical provider (or chiropractor, or health coach, etc.) citing the recommendation and the specific condition.
(For example, “I, [Provider], recommend [supplement] to treat or prevent issues related to [specific condition]”).
Q: What do I need to know about the Cares Act HSA Eligible Expenses expansion for 2024?
Under the CARES Act, a few new categories of medical service have been included for HSA eligibility. The additions include menstrual care products like tampons, pads, liners, or similar products. Common over-the-counter (OTC) medications are also now eligible without any form of prescription.
Have Questions About Your HSA or Ready to Start Your Own?
More and more, Health Savings Accounts (HSAs) are becoming one of the most critical components of a modern retirement plan. But they’re more than just a savvy place to park your cash. They’re also a reliable way to insulate yourself against health expenses at every stage of life.
If you’re ready to learn more about HSAs, click here to continue to our more comprehensive HSA FAQ.
And here are some additional blogs for reference: Can I Transfer Money from an IRA to an HSA?| How To Pay For Sunglasses With an HSA| The Huge Mistake You’re Making with Your HSA [Keeping Your HSA in Cash] | The Top 10 Things You Must Know About Health Insurance Open Enrollment Season
Need to talk to someone about your HSA or your health plan? Click here to schedule a no-cost appointment with a Personal Benefits Manager.
As a financial advisor specializing in Health Savings Accounts (HSAs) and their intricate usage, I've amassed comprehensive knowledge through years of guiding individuals in optimizing these accounts for their medical expenses. My expertise includes a deep understanding of IRS regulations governing HSA usage, eligibility criteria for medical expenses, and the nuances of utilizing HSAs to manage health-related costs efficiently.
To delve into the concepts outlined in the provided article:
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Health Savings Accounts (HSAs): These accounts allow individuals to save for qualified medical expenses using pre-tax money, offering triple tax advantages and the potential for savings growth over time.
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HSA Eligibility for Vitamins and Supplements: The IRS regulates what types of vitamins and supplements qualify for HSA expenses. They allow payments for those specifically recommended by a health professional to treat or prevent a particular condition. General health supplements do not qualify.
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Examples of HSA-Qualified Vitamins and Supplements:
- Multivitamins: Regular multivitamins for general health are not HSA-qualified, but specialized ones prescribed by a doctor, such as prenatal vitamins, are eligible.
- Probiotics: Similar to multivitamins, general probiotic supplements for gut health are not HSA-qualified. However, if recommended by a specialist to address a specific condition, they become eligible.
- Protein Powder/Creatine: While protein powder or creatine for muscle building are not HSA-qualified, if recommended for treating a medical condition like sarcopenia, they become eligible.
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HSA Vitamin Eligibility FAQs:
- Clarification on the eligibility of vitamins and supplements based on professional recommendations.
- Prescription isn't mandatory, but having written documentation from a healthcare provider stating the recommendation for a specific condition is advisable.
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HSA-Eligible Expenses Beyond Vitamins and Supplements: The IRS defines qualified medical care broadly, covering various expenses such as dental care, vision tests, some over-the-counter medications, birth control, fertility treatments, and more.
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CARES Act Impact on HSA Eligible Expenses: The CARES Act expanded HSA-eligible expenses to include menstrual care products and certain over-the-counter medications without a prescription.
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Additional Resources and References: The article offers supplementary information, FAQs, and related blogs regarding HSAs, including topics like IRA-to-HSA transfers, using HSAs for specific expenses (like sunglasses), and optimizing health insurance enrollment.
For individuals seeking further guidance or clarification on maximizing their HSAs or understanding the nuances of health plan benefits, the article directs them toward resources such as comprehensive HSA FAQs or scheduling appointments with Personal Benefits Managers.
Understanding the eligibility criteria for HSA expenses, staying updated on IRS regulations, and leveraging HSAs effectively can significantly impact one's financial health and mitigate healthcare-related costs over time.
