A health savings account (HSA) allows you to set aside pre-tax money to use on qualifying medical expenses. Each year, you can set aside up to $4,150 per individual or $8,300 per family to help lower your overall healthcare costs. Contributions can come from you, your employer or anyone else wishing to add to your account. In many cases, you'll receive a debit card to use to pay for qualifying expenses. For out-of-pocket payments, you can request reimbursements from your plan administrator. To receive reimbursements, remember to keep receipts and paperwork in accordance with your plan's policies. To qualify for an HSA, you must be enrolled in a high deductible health plan (HDHP). To see if you're eligible for an HSA, check with your company or plan administrator.

The IRS determines which healthcare services and products are eligible for purchase using an HSA or FSA. Please check with your plan administrator to verify that HSA/FSA eligible items are reimbursable. Eligible items include over-the-counter products that treat a specific medical condition and are primarily used for a medical purpose, such as medicines or products that diagnose, alleviate or treat existing or imminent injuries, illnesses or medical conditions. Many of these products are for short-term use but some may treat chronic medical conditions.

Dual-purpose items may have both a medical purpose and a personal hygiene, cosmetic or general health purpose. For an item to be designated as such, it must be used to treat a medical condition and not used to improve or maintain general health unless prescribed by a physician to treat a specific illness, condition or injury. These products may be eligible for reimbursement with a letter from a licensed healthcare professional stating that the product is a medical necessity. Cardholders should contact their plan administrator for more information and to confirm the required documentation.

Ineligible items are used for general health, cosmetic or personal hygiene purposes. These items are not reimbursable. Typically, these items wouldn't be referred to as a medicine or drug and wouldn't be recognized to treat a medical condition. These items include things such as vitamins, herbal or nutritional food supplements, toiletries, lotions, soaps and shampoos.